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Inflation in the eurozone accelerated to 7% in April


May, 17 2023
watermark Economic news

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.


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