Euro-zone Mar. annual inflation revised up to 2.7% ( EURUSD ) (by William L. Watts)

LONDON (MarketWatch) -- Consumer price inflation in the euro zone rose at a 2.7% annual pace in March, the European Union statistics agency Eurostat reported Friday, an upward revision from a previous estimate of 2.6%. The annual inflation rate was 2.4% in February. Consumer prices rose 1.4% on a monthly basis. The European Central Bank earlier this month delivered its first rate hike in nearly three years to stave off inflation pressures. The ECB's annual inflation target is near but just below 2%. Fuel and other energy-related costs were the biggest drivers in the inflation rise, Eurostat said. Core inflation, which excludes energy, food, alcohol and tobacco, saw a 1.4% monthly rise in March and a 1.3% annual rise. The euro (cur_eurusd) posted little reaction to the data and changed hands at $1.4467 versus the dollar in recent action, a decline of 0.2% from Thursday.