Eurozone Inflation


Eurozone: Inflation picks up in April

May 15, 2014

According to the data released by Eurostat on 15 May, the harmonized index of consumer prices (HICP) rose 0.2% over the previous month in April. The reading was down from the 0.9% increase recorded in March and marked the lowest monthly increase in three months.

Annual headline inflation rose from 0.5% in March to 0.7% in April. Despite the pick-up, there are still concerns that persistent low inflation may cripple the incipient recovery, as inflation was in what ECB President Mario Draghi called the “danger zone” of below 1.0% for the sixth consecutive month. Annual average inflation inched down from 1.1% in March to 1.0% in April, which is the lowest level since July 2010.

The core inflation index, which does not include prices for energy, rose 0.2% over the previous month (March: +1.2% month-on-month). Annual core inflation rose from 0.9% in March to 1.1% in April.

At a country level, 8 of the 18 Eurozone economies posted annual inflation rates equal to or above the regional average. Austria (1.6%) and Finland (1.3%) recorded the highest annual inflation rates. At the other end of the spectrum, Cyprus and Greece experienced year-on-year decreases in harmonized consumer prices (-0.4% and -1.6% respectively). Among the major economies in the Eurozone, inflation was above the regional average in Germany (1.1%) and France (0.8%), whereas it was below average in Italy (0.5%) and Spain (0.3%).

FocusEconomics Consensus Forecast participants see inflation in the Euro area averaging 0.9% in 2014, which is unchanged from last month’s forecast. For 2015, panelists expect inflation to average 1.3%.

Author:, Head of Data Solutions

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Eurozone Inflation Chart

Euro Inflation by country April 2014

Note: Year-on-year var. of harmonized consumer price index (HICP) in %.
Source: Eurostat

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