Greece witnessed a 3.4% inflation rate in March, according to data released by Europe’s statistical authority, Eurostat. In the eurozone, the consumer price index (CPI) dropped to 2.4%, while the average EU settled at 2.6%.

Based on the data, inflation in Greece declined at a slower pace compared to the eurozone average, while in absolute terms, it remains higher than the European average, ranking 8th among countries with the highest inflation rates in the European ranking.

Lithuania recorded the lowest rate (0.4%), followed by Finland (0.6%), and Denmark (0.8%), whereas the highest inflation rates were registered in Romania (6.7%), Croatia (4.9%), Estonia, and Austria (both 4.1%).

Compared to February, the annual inflation rate fell in 13 member states, remained stable in four, and increased in ten.

Costs in the services sector in March registered the highest contribution (+1.76 percentage points) to the annual inflation rate in the eurozone, followed by food, alcohol, and tobacco (+0.53 percentage points), non-energy industrial goods (+0.30 percentage points), and energy (-0.16 percentage points).