Euro zone inflation confirmed dipping to 0.7% in March

BRUSSELS (Reuters) - Euro zone inflation slowed sharply in March to 0.7% year-on-year, the European Union statistics said on Friday confirming its earlier estimates.

Eurostat also confirmed its earlier estimates for core inflation figures in the 19-nation single currency bloc, which also point to weaker price increases last month.

Overall inflation fell to 0.7% from 1.2% in February, Eurostat said, further away from the European Central Bank's target of below, but close to 2 percent over the medium term.

An indicator that excludes unprocessed food and energy prices, which the ECB calls core inflation and watches closely in policy decisions, showed prices grew 1.2% in annual terms, down from 1.3% in February, in line with previous estimates.

An even narrower inflation measure also excluding alcohol and tobacco prices, that many market economists look at, slowed to 1.0% year-on-year in March from 1.2% in February, Eurostat said confirming its earlier estimates.

(Reporting by Francesco Guarascio @fraguarascio; editing by Philip Blenkinsop)

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