The inflation rate in the eurozone rose for the first time since November 2022 in April, according to preliminary data released on Tuesday, remaining well above the levels targeted by the European Central Bank.
Inflation reached levels of 7% on an annual basis over the past month, according to Eurostat, after falling to 6.9% in March. Core inflation, which excludes food and energy prices, was 5.6% in April compared to 5.7% in March.
The latest numbers come just days before the European Central Bank announces its interest rate decision as the market awaits the possibility of the central bank raising rates either by 25 or 50 basis points.
Despite the continuous increase in the interest rate, inflation is still above the central bank’s target of 2%, as estimates published by the International Monetary Fund last week indicated that headline inflation in the region will not approach the target until 2025.
