While this is slightly higher than the level of 0.16 percent (m/m) we saw in February 2023, it is much lower than the 0.66 percent (m/m) that was recorded in March 2022.



What explains the big difference between this year’s March and last year’s March? Well, a look at last year’s data shows that food and energy inflation was particularly high last year (which can, partly, be linked to the outbreak of the Russo-Ukrainian war that – for example – impacted on prices of wheat and gas). Those war-related supply disruptions have now eased significantly 13 months after the start of the war.

[...]

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