Eurozone inflation eases less than expected in February
By Michele Maatouk
Date: Thursday 02 Mar 2023
(Sharecast News) - Eurozone inflation eased less than expected in February, according to preliminary data released by Eurostat on Thursday.
Headline inflation in the bloc ticked down to 8.5% year-over-year in February from 8.6% in January. This was above consensus expectations for a decline to 8.2%.
Food, alcohol & tobacco inflation rose to 15% from 14.1%, while energy inflation declined to 13.7% from 18.9%.
Meanwhile, the core rate of inflation - which excludes energy, food, alcohol and tobacco - rose to a record 5.6% in February from 5.3% the month before, coming in above expectations for it to be unchanged.
Separate figures from Eurostat showed that headline eurozone unemployment was unchanged at an upwardly-revised 6.7% in January, in line with consensus expectations.
Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics, said: "February's increase in core inflation will reinforce ECB policymakers' conviction that significant rate increases are needed.
"For some time we have been forecasting a 50 basis points hike at the meeting in two weeks' time and another in May, but further hikes at later meetings now look increasingly likely."
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