Eurozone Inflation

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Eurozone: More complete data confirms flat inflation in April

May 19, 2015

More complete data released by Eurostat on 19 May showed that the harmonized index of consumer prices (HICP) in April rose 0.3% over the previous month, which came in below the 1.1% rise observed in March. Compared to the same month last year, consumer prices were unchanged in April, which confirmed a preliminary estimate released on 30 April. The result put an end to four consecutive months of decline in consumer prices and eased fears that the Euro area could fall into a sustained period of falling prices.

11 of the 19 Eurozone economies posted annual inflation rates equal to or below the regional average. Greece (-1.8%) Cyprus (-1.7%) and Slovenia (-0.7%) recorded the largest annual decreases in consumer prices. At the other end of the spectrum, Malta (+1.4%), Austria (+0.9%) and Latvia (+0.6%) showed the highest year-on-year increases in harmonized consumer prices. Among the major economies in the Eurozone, in Germany inflation rose 0.3% in April, while in France it rose a timid 0.1%. In Italy, harmonized consumer prices dropped 0.1% over the same month last year, while in Spain they dropped 0.7%.

FocusEconomics Consensus Forecast participants see inflation in the Euro area averaging 0.0% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, panelists expect inflation to average 1.1%.


Author:, Senior Economist

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Eurozone Inflation Chart


Euro Inflation by country April 2015

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


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