Estimates by Eurostat, or the statistical office of the European Union, showed moments ago that annual inflation in the eurozone rose to 8.5% in February in a preliminary reading, compared to 8.6% in January, exceeding expectations that indicated a decline to 8.3%.

In details, prices in the energy sector declined at an annual rate of 13.7% in February from 14.1% in January, while the food, alcohol and tobacco index increased by 15.0% from 14.1% in January, while the services index rose to 4.4%.

The main index excluding food and energy prices increased by 5.6% in February compared to 5.3 in the revised reading in January, while expectations were for stability at 5.3%.