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Final HICP Small Downwards Revision to M/M

EUROZONE DATA
MNI (London)

EUROZONE APR FINAL HICP +0.6% M/M (FLASH +0.7%); MAR +0.9% M/M

EUROZONE APR FINAL HICP +7.0% Y/Y (= FLASH); MAR +6.9% Y/Y

EUROZONE APR FINAL CORE HICP +1.0% M/M, +5.6% Y/Y (= FLASH); MAR +5.7% Y/Y

The final euro area HICP data for April saw a 0.1pp downwards revision to m/m headline to +0.6% m/m.

  • Both headline and core annualised inflation were confirmed at flash estimates.
  • Headline HICP edged up by 0.1pp to +7.0% y/y, largely due to energy base-effects after having dropped significantly in March. In the final data, food and energy y/y CPI were both 0.1pp softer than flash estimates, however this didn't budge headline HICP.
  • Core HICP edged down 0.1pp to +5.6% y/y, slowing from the euro-era high recorded in March.
  • Core inflation cooled on largely on the back of slowing non-energy industrial goods (down 0.4pp at +6.2% y/y), whilst services inflation continued to accelerate, up 0.1pp at +5.2% y/y.
  • The ECB reiterated at their May meeting that inflation in the bloc remains “continues to be too high for too long”, with another 25bp hike likely for the June meeting.

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