The final data published by Eurostat showed that consumer price growth accelerated in April, confirming economists' forecasts and retreating from the lowest level since February 2022. However, core inflation growth slowed slightly after reaching a record high in March.
According to the report, the consumer price index rose by 7.0% per year after an increase by 6.9% per annum in March. European Union annual inflation was 8.1%, down from 8.3% in March. Still, the rate remained well above the ECB's target of 2%, suggesting policymakers might continue their policy tightening campaign for some time.
Meanwhile, on a monthly basis, the consumer price index rose by 0.6% after rising by 0.9% in March. Economists had expected an increase of 0.7%. It was a monthly increase in a row.
Eurostat reported that the core consumer price index - excluding energy, food, alcohol and tobacco - rose by 5.6% per year after an increase by 5.7% per year in March. Economists also expected an increase of 5.6% per annum.
The data also showed that the largest contribution to the growth of annual inflation was made by food, alcohol & tobacco (+2.75%), services (+2.21%), non-energy industrial goods (+1.62%) and energy (+0.38%).