The Eurozone Harmonized Index of Consumer Prices (HICP) rose 2.4% year-on-year (YoY) in February after recording a 2.5% growth in January, the official data released by Eurostat showed Monday. The market forecast was for a 2.3% acceleration in the reported period.

The core HICP advanced 2.6% YoY in February, compared with a 2.7% increase in January, meeting the 2.6% market expectations.

On a monthly basis, the bloc’s HICP rose 0.5% in February compared to January’s -0.3%. The core HICP inflation came in at 0.6% month-over-month (MoM) in the same period versus a 0.9% decline in January.

The European Central Bank’s (ECB) inflation target is 2.0%. The old continent’s HICP inflation data significantly impacts the market’s pricing of the ECB's future interest rate cuts.