Eurozone inflation accelerated in April, with headline CPI rising from 2.6% yoy to 3.0% yoy, matching expectations and marking the highest level since 2023. In contrast, core inflation—which excludes energy, food, alcohol, and tobacco—eased slightly from 2.3% yoy to 2.2% yoy, indicating that broader price pressures are not intensifying at the same pace.
The move highlights the renewed impact of energy prices on the inflation outlook, even as underlying pressures remain more contained. The surge in headline inflation was driven primarily by energy, where prices jumped sharply from 5.1% yoy to 10.9% yoy.
Services inflation moderated from 3.2% yoy to 3.0% yoy, suggesting some easing in domestic demand-driven components. Other categories showed more modest movements. Food, alcohol, and tobacco inflation edged up from 2.4% yoy to 2.5% yoy, while non-energy industrial goods rose from 0.5% yoy to 0.8% yoy.
| Indicator | March | April | Change |
|---|---|---|---|
| CPI (YoY) | 2.6% | 3.0% | ↑ +0.4 |
| Core CPI (YoY) | 2.3% | 2.2% | ↓ -0.1 |
| Component | March | April | Change |
|---|---|---|---|
| Energy | 5.1% | 10.9% | ↑ +5.8 |
| Services | 3.2% | 3.0% | ↓ -0.2 |
| Food, Alcohol & Tobacco | 2.4% | 2.5% | ↑ +0.1 |
| Non-Energy Industrial Goods | 0.5% | 0.8% | ↑ +0.3 |
