Analysts Expect Eurozone Annual Inflation To Drop To 8.5% In February 2023

Muhammad Irfan Published March 17, 2023 | 11:40 AM

MOSCOW (UrduPoint News / Sputnik - 17th March, 2023) The annual inflation in 20 European countries slowed down from 8.6% in January 2023 to 8.5% in February 2023 in line with a preliminary estimate, analysts polled by the DailyFX portal said on Friday.

The official data on the eurozone annual inflation will be published by the European Statistical Office (Eurostat) at 10:00 GMT on Friday.

Earlier in March, a flash estimate from Eurostat showed that euro area annual inflation was expected to be 8.5% in February 2023, down from 8.

6% in January, with the main components such as food, alcohol and tobacco predicted to have the highest annual inflation rate in February.

The European Union has been facing surging inflation and massive energy crisis as part of the post-pandemic global economic recession. The situation further deteriorated in the wake of the Ukraine crisis in 2022, as the hostilities and Western sanctions against Moscow led to disruptions in supply chains and resulted in a spike in energy prices worldwide.