Euro Zone’s Inflation Rate Rises to 7% in April, Led by Food and Tobacco: Latest Update and Insights

2023-05-02 13:23:11

AA / Paris / Ümit Dönmez

The euro zone’s annual inflation rate rose once more in April, according to Eurostat.

In its estimates published on Tuesday, the European statistical institution indicated that this rate stood at 7% in April, once morest 6.9% in March.

As for the main contributors to euro area inflation, the “food, alcohol and tobacco” basket segment is expected to experience the highest annual rate in April (13.6%, compared to 15.5% in March ), followed by industrial goods excluding energy (6.2%, compared to 6.6% in March), services (5.2%, compared to 5.1% in March) and energy (2.5 %, compared to -0.9% in March), services and energy pushing the annual inflation rate up compared to the previous month.

Among the 20 countries using the common currency, the Baltic countries observe the highest rates, with 15% for Latvia, 13.3% for Lithuania and 13.2% for Estonia.

Luxembourg (2.7%) and Belgium (3.3%) have the lowest annual inflation rate, while this rose by 0.2 points in France to 6.9%, close to the euro area average.

After five consecutive months of decline in the annual inflation rate in the euro zone, the month of April therefore saw its first upward start.

As a reminder, inflation had reached an absolute record in October 2022, at 10.6%, following a year and a half of uninterrupted rise, accelerated by the war in Ukraine, which had participated in the rise in prices, in particular of food and energy.

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