Estimates by Eurostat, or the statistical office of the European Union, showed moments ago that the annual inflation rate in the eurozone rose to 6.9% in March in the preliminary reading, compared to 8.5% in the February reading, while expectations were for it to drop to 7.1%.

In the details, prices in the energy sector declined at an annual rate of 0.9% in March from 13.7% in February, while the food, alcohol and tobacco index increased by 15.4% from 15.0% in February, while the services index rose to 5.0% from 4.8%.

The main index, excluding food and energy prices, rose 5.7% in March compared to 5.6% in February, matching expectations.