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Eurozone inflation edged up to an annual rate of 7.5% in April, according to flash data released by Eurostat on Friday, an acceleration from the 7.4% pace recorded in March. However, prices rose by just 0.6% between March and April, a much slower increase than the 2.4% rise between February and March.
Core inflation, closely watched by the European Central Bank, accelerated more quickly than the headline number, rising by 1.1% in April for a 3.5% annual increase, up sharply from the 2.9% gain posted in March.
The jump in underlying inflation belies the repeated insistence by ECB President Christine Lagarde that energy prices are the main contributor to above-target inflation. Last weekend, Lagarde told America’s CBS News that a rise in interest rates would do nothing to alleviate high energy costs. Nonetheless, investors believe the ECB will be forced to lift interest rates as early as its July meeting.
Source: Eurostat
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.