Eurozone Inflation


Eurozone: Inflation moderates further in April

April 3, 2013

According to a flash estimate released by Eurostat on 1 April, the harmonized index of consumer prices (HICP) added 1.7% in March over the same month last year. The reading was down from February's 1.8% rate and marks the lowest reading since August 2010. Month-on-month price variations, together with a more detailed set of data, will be provided on 16 April.

Meanwhile, in February, consumer prices rose 0.4% over the previous month, which contrasted the 1.0% drop recorded in January. As a result, annual headline inflation dropped to 1.8% from 2.0% in January. Annual average inflation was unchanged at January's 2.4%.

The core inflation index, which does not include prices for energy, rose 0.3% over the previous month (January: -1.5% month-on-month). Annual core inflation inched down from January's 1.5% to 1.4%.

At a country level, 12 out of the 17 Eurozone economies posted annual inflation rates equal or above the regional average. Estonia (4.0%) and Netherlands (3.2%) recorded the highest annual inflation rates. At the other end of the spectrum, inflation was the lowest in Greece (0.1%) and Portugal (0.2%). Among the major economies, inflation was above the regional average in Spain (2.9%) and Italy (2.0%), whereas it was equal to average in Germany (1.8%) and below average in France (1.2%).

FocusEconomics Consensus Forecast participants see inflation in the Euro area averaging 1.8% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, panellists expect inflation to average 1.7%.

Author:, Head of Data Solutions

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