Inflation in the eurozone accelerated to 7% in April

According to the final data of the Statistical Office of the European Union, Eurostat, in April 2023, consumer prices in the eurozone increased by 7% year-on-year. Thus, inflation accelerated compared to 6.9% in March.

In monthly terms, inflation in the region was 0.9%. The final data coincided with both preliminary estimates and analysts' expectations.

Core inflation (CPI Core index, excluding food and energy) slowed to 5.6% y/y after rising by 5.7% in March. 

The acceleration of overall inflation would have been noted after five months of decline, the slowdown in core inflation – for the first time in 10 months.

The cost of energy in the eurozone increased by 2.4% after a 0.9% decline in March, the growth of prices for services accelerated to 5.2% from 5.1%. The increase in prices for food, alcohol and tobacco products slowed to 13.5% from 15.5%, for industrial goods – to 6.2% from 6.6%.

Analysts note that the estimate of consumer price growth relative to the previous month was revised down to 0.6% from the previously announced 0.7%. This turned out to be a surprise for experts who did not expect a revision of the data.