BRUSSELS, (Reuters) – The Euro zone’s March inflation was slightly lower than previously reported. However, it remains at an all-time high due to a rise in energy costs.

Eurostat, the European Union’s statistical office, reported that consumer prices in 19 Euro-friendly countries increased by 2.4% per month in March. That is a 7.4% annual increase.

Eurostat previously calculated March inflation to be 2.5% per month. This is compared with 7.5% a year ago.

Eurostat reported that of the annual totals, 4.36 percentage point was due to rising energy costs. 1.12 percent came from higher-priced services. Food, alcohol and tobacco contributed 1.07 points.

The European Central Bank wants inflation to stay at 2.0% over the medium term. They have signaled that they will be tightening their policy, ending its bond purchase scheme late this year and shifting towards a rate hike afterwards.

According to Eurostat, March’s energy prices were 44.4% more than they were a year ago, and unprocessed foods cost 7.8% less.

Even excluding these volatile components from the inflation measurement, March’s annual inflation rate was 3.2% — far above what is required by the ECB.