European inflation eases to 2.6% as energy prices fall and food inflation slows Boston 25 News [Video]

FRANKFURT, Germany — (AP) — The inflation that has ravaged the European economy eased again in February, falling to 2.6% as high interest rates, moderating oil and gas prices, and sluggish growth held back price increases in stores.

February’s figure for the 20 countries that use the euro currency compares to 2.8% from January, the European Union’s statistical agency Eurostat said Friday.

Inflation is now far below its peak of 10.6% in October 2022, which it hit after Russia cut off most supplies of natural gas and sent energy prices through the roof.

But the return of inflation to 2%, the goal set by the European Central Bank, is taking time. Food inflation eased to 4% from 5.6%, offering some relief to people on modest incomes who spend more of their pay on necessities than the well-off. Another factor was energy prices, which fell by 3.7%

One key sign that …