This morning, the European Commission’s Eurostat data centre revealed the CPI inflation readings for the month of February 2023.According to the statistics, inflation was at 2.6% year-on-year (YoY) last month, in line with expectations.   Inflation comes down in the EU This shows a decrease of 0.2% from January’s inflation reading of 2.8%. It also represents a significant drop, as a year earlier, the rate was 8.5%. Source: Eurostat website Similarly, core inflation was down from 3.3% in January to 3.1% in February.However, monthly inflation saw a steep increase – up from -0.4% in January 2024 to 0.6% in February. Ahead of expectationsThese readings were broadly in line with market expectations. Forecasts ahead of the announcement put the inflation rate at 2.6% YoY, and 0.6% month-on-month. Likewise, industry forecasts broadly estimated the core inflation rate to be at 3.1% today.The figures also lent credence to the idea of a European Union interest rate cut as early as June 2024. Ahead of expectationsThese readings were broadly in line with market expectations. Forecasts ahead of the announcement put the inflation rate at 2.6% YoY, and 0.6% month-on-month. Likewise, industry forecasts broadly estimated the core inflation rate to be at 3.1% today.The figures also lent credence to the idea of a European Union interest rate cut as early as June 2024. Lower inflation in 20 statesIn terms of country-by-country, inflation figures were positive here too. Compared with January, annual inflation fell in twenty member states, remained stable in five and rose in two.The highest annual rates were recorded in Romania (7.1%), Croatia (4.8%) and Estonia (4.4%)., while the lowest annual rates were registered in Latvia, Denmark (both 0.6%) and Italy (0.8%).More By This Author:USD/CHF Signal: Watch This Price Ahead Of Fed And SNB Decisions Transocean Stock: Technicals Point To A 17% Upside Navigating SoFi Technologies’ Price Dip: Will $6.5 Support Hold?