The annual inflation in the Euro Area rose to 7.0 per cent in April, up from the 6.9 per cent reported in March 2023, according to the Statistical Office of the European Union (Eurostat).

The annual inflation in April 2023 was 7.4 per cent. At the same time, annual inflation in the European Union was down to 8.1 per cent, coming from 8.3 per cent in March 2023.

A year earlier, the rate was 8.1 per cent. Food, alcohol, and tobacco (+2.75 percentage points) made the highest contribution to the annual inflation rate in the Euro Area in April, followed by services (+2.21 pp), non-energy industrial goods (+1.62 pp) and energy (+0.38 pp).

The lowest annual rates were observed in Luxembourg (2.7 per cent), Belgium (3.3 per cent) and Spain (3.8 per cent). The highest annual rates were recorded in Hungary (24.5 per cent), Latvia (15.0 per cent) and Czechia at (14.3 per cent).

Compared with March, annual inflation fell in twenty-two member states and rose in five.