Eurostat, the statistical office of the European Union, released preliminary estimates just a few moments ago showing that annual inflation in the eurozone rose to 2.2% in April, matching the March reading and exceeding expectations of 2.1%.
The largest contribution to inflation in April came from the services sector, which rose at an annual rate of 3.9%, up from 3.5% in March. The food, alcohol, and tobacco index rose 3%, up from 2.9%. The non-energy industrial goods index rose 0.6%, while the energy index declined to 3.5%, following a 1% decline in March.
The core index, which excludes food and energy prices, rose 2.7% in April, compared to March’s reading of 2.4%, while expectations were for a 2.5% increase.