Annual inflation in eurozone countries accelerated to 2.5% in March, up from 1.9% the previous month. The main driver of this increase was rising energy prices amid the conflict in Iran and disruptions to supplies from the Middle East.

The figure was slightly below analysts' forecasts of 2.6%, but still significantly exceeded the European Central Bank's target of 2%. This is intensifying discussions about the need for further monetary policy tightening.

The ECB has already stated that a possible rate hike is being considered as one response to accelerating price growth. Energy is once again becoming the main source of inflationary pressure for the European economy.

At the same time, rising inflation is occurring amid weakening business activity, complicating the policymaker's choices. Against this backdrop, the ECB's future decisions will depend on how sustainable the current price hike proves to be.