Annual inflation declines while current price growth speeds up

In March, annual inflation slumped due to the high base effect: the surge in prices, which occurred in March 2022, was excluded from the calculation. However, seasonally adjusted monthly price growth rates in 2023 Q1 were on average higher than in 2022 Q4. This suggests a gradual increase in price pressure compared to a period of very moderate price growth in 2022 H2.