Eurozone Preliminary CPI rises 0.4% YoY in April, beats estimates

According to Eurostat’s flash reading of Eurozone CPI report, the annual reading came in at +0.4% in April, meeting expectations of +0.1% and +0.7% previous.

Meanwhile, the core figures rose 0.9 % in the reported month when compared to 0.7% expectations and 1.0% previous.

Separately, Eurozone March Unemployment Rate arrived at 7.4% vs 7.7% expected and 7.3% previous.

Key details (via Eurostat):

“Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in April (3.6%, compared with 2.4% in March), followed by services (1.2%, compared with 1.3% in March), non-energy industrial goods (0.3%, compared with 0.5% in March) and energy (-9.6%, compared with -4.5% in March).”

The Eurozone inflation report comes a day after the German Prelim CPI data was released, which showed that the German consumer price inflation accelerated by 0.8% in April and remained well below the European Central Bank’s (ECB) rate target of just under 2 percent for the Eurozone as a whole.

• Eurozone Preliminary GDP contracts 3.8% QoQ in Q1 vs. -3.5% expected, EUR/USD stays below 1.09