Eurozone inflation estimated at 2.6%

In February, inflation for the euro area was 2.7%, according to the European Union’s statistical office, Eurostat.

This latest estimate is still above the European Central Bank’s official target of 2% but represents a small decline from February’s 2.7% figure and is the first time inflation has come down since December.

A 3% inflation rate in November gave way to 2.7% in December where it has remained until today’s flash estimate.

Last month’s inflation figure was supported by low rates in Greece, Spain and Sweden.

Earlier this month, the UK’s Office for National Statistics announced that inflation had dropped to 3.4%.