Brussels: The annual inflation rate in the euro area reached 1.9% in February, rising from 1.7% in January, as reported by Eurostat on Tuesday. This increase exceeded market expectations, which had anticipated a 1.7% inflation rate for the previous month.

According to Anadolu Agency, services recorded the highest annual rate in February at 3.4%. This was followed by food, alcohol, and tobacco at 2.6%, and non-energy industrial goods at 0.7%. Energy prices, however, saw a decrease of 3.2% during the same period.

Slovakia experienced the highest inflation rate among the eurozone countries at 4%, followed closely by Croatia at 3.9% and Lithuania at 3.2%. On a monthly basis, consumer prices in the euro area increased by 0.7%.