On Friday, the EU’s statistical agency, Eurostat, released preliminary figures which showed that in the Eurozone, core inflation accelerated in March from February’s 5.6%, to a new all-time high of 5.7%.

That Eurozone statistic excludes food, tobacco, and alcoholic drinks, which increased in price by 15.4% in March over this time last year. They also increased faster than the 15% year over year they increased in February.

Headline inflation was 6.9% in March, versus February’s 8.5%. The decline was due mostly to the fall in energy price inflation from 13.7% to 0.9%.

Economists expect the European Central Bank (ECB) to continue its rate hiking as it seeks to combat inflation. The last rate hike in March was for 50 basis points, which brought the benchmark rate to 3%.

Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics, said in an interview, “Policymakers at the ECB won’t read too much into the drop in headline inflation in March and will be more concerned that the core rate hit a new record high.”

He added that even despite the fall in the headline figure, the ECB is likely to continue raising rates in the future.