Inflation jumps in April
Complete data confirmed harmonized inflation came in at 1.7% in April, up from March’s 1.4% and matching the preliminary estimate. Inflation now sits closer to the European Central Bank’s target rate of near, but under, 2.0%. Higher price pressures for services largely drove April’s rise, in part due to the timing of the Easter holiday this year.
Annual average harmonized inflation was unchanged at March’s 1.8% in April. Core inflation, meanwhile, rose to 1.4% from March’s 1.0%. On a monthly basis, harmonized consumer prices rose 0.7% in April, a smaller increase then March’s 1.0%.
Among the countries in the common-currency bloc, Italy (1.1%) and Portugal (0.9%) recorded the lowest inflation in April. On the flipside, Latvia (3.3%) and Estonia (3.2%) experienced the highest price pressures. Regarding the largest economies in the Eurozone, inflation rose in all expected for Italy which experienced unchanged price pressures.