London, Friday, 29 April 2022
The annual inflation rate in the Euro Area increased to 7.5 percent in April 2022, up from 7.4 percent in March, largely in line with market predictions, as the war in Ukraine and Russian sanctions continued to push commodity prices higher, according to preliminary estimates.
Inflation is currently more than three times higher than the ECB's target of 2%.
Food, drink, and cigarette prices increased at a greater rate (6.4 percent vs. 5.0 percent in March), as did non-energy industrial products (3.8 percent vs. 3.4 percent) and services (3.3 percent vs 2.7 percent ).
Meanwhile, although energy costs have slowed, they have remained exceedingly high (38 percent vs 44.4 percent ).
Excluding energy, inflation rose to 4.2 percent from 3.4 percent, while food, alcohol, and tobacco inflation surged to 3.5 percent from 2.9 percent.
(Source: EUROSTAT // Edited by: The Decision Maker)