Eurostat: inflation rate stagnating in Czechia but lower than EU average

Year-on-year inflation in the European Union decreased from 2.8 percent in February to 2.6 percent in March, while in Czechia, the inflation rate stagnated at 2.2 percent, according to the latest Eurostat data. A year ago the inflation rate was 8.3 percent in the EU and 16.5 percent in Czechia.

Inflation in the Eurozone is gradually approaching the two percent target set by the European Central Bank. The ECB started raising interest rates in July last year with the aim of bringing inflation under control, but since last October it has kept its base interest rate at 4.5 percent.