Annual consumer inflation in the euro zone rises 7.0% in April, within expectations

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The consumer inflation index (CPI, its acronym in English) in the euro zone accelerated again and rose 7% in April compared to the same month last year, compared to a high of 6.9% in March, according to final data released this Wednesday (17) by Eurostat, the statistics office of the European Union. A year earlier, the annualized rate was 7.4%.

The April result was within the Refinitiv consensus estimate, which expected inflation of 7.0% in annual terms.

Compared to the previous month, the CPI for March was 0.6% in the euro zone, just below the 0.7% projected by analysts.

Core inflation also continued to show resilience: excluding changes in energy and food, beverages and tobacco, April inflation was 5.6% compared to the same month last year, practically at the same level as February (5. 6%) and March (5.7%).

Annual inflation in the European Union was 8.1% in April 2023, down from 8.3% in March. A year earlier, the rate was 8.1%.

In April, the biggest contribution to the CPI in the common currency area came from food, alcohol and tobacco (+2.75 percentage points), followed by services (+2.21 pp), non-energy industrial goods (+1.62 pp) and energy (+0.38 pp).

Compared to March, annual inflation fell in twenty-two Member States and rose in five. The lowest annual rates were recorded in Luxembourg (+2.7%), Belgium (+3.3%) and Spain (+3.8%). The highest annual rates were observed in Hungary (+24.5%), Latvia (+15.0%) and the Czech Republic (+14.3%).

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