In March, Greece witnessed a new uptick in the inflation rate, which settled at 3.4%, up from February’s 3.1%, despite the government’s implementation of measures aimed at curbing rising prices. Meanwhile, Eurostat data revealed a monthly increase of 1.8%, indicating a continuing upward trend.

The Greek inflation rate is 1 percentage point higher than the Eurozone average which stands at 2.4% in March.

Services were expected to have the highest annual rate in March (4.0%, unchanged from February), according to an analysis of the main components of eurozone inflation. Costs of food, alcohol, and tobacco (2.7%, down from 3.9% in February), non-energy industrial goods (1.1%, down from 1.6% in February), and energy (-1.8%, up from -3.7% in February) followed.

According to Eurostat, Lithuania (0.3%), Finland (0.7%), and Latvia (1%) recorded the lowest inflation in March, with Croatia (4.9%), Austria (4.2%) and Estonia (4.1) witnessing the highest rates.

Germany registered a greater decline in inflation than market pundits anticipated last month. Specifically, inflation in Germany dropped to 2.3% in March from 2.7% in February, contrary to analysts’ expectations of 2.4%. On a monthly basis, the consumer price index rose by 0.6%.