The annual rate of inflation across the eurozone fell to 2.2% in March from 2.3% in February and 2.4% last March, Eurostat has said.

Across the wider European Union of 27 countries inflation was 2.5%, down from 2.7% in February and 2.6% in March 2024.

Ireland (1.8%) had one of the lowest rates of inflation in the eurozone behind France (0.9%), Denmark (1.4%), and Luxembourg (1.5%).

The highest rates were recorded in Romania (5.1%), Hungary (4.8%) and Poland (4.4%).

Inflation fell year-on-year in 16 member States, rose in 10 and remained stable in one.

Services contributed most to the annual eurozone inflation rate at 1.56 percentage points followed by food, alcohol and tobacco (0.57pp), non-energy industrial goods (0.16pp) and energy (-0.1pp).

(Pic: Getty Images)