May 19, 2023
According to the statistical office of the European Union (Eurostat), in April 2023, the Euro area annual inflation rate was 7.0%, up from 6.9% reported in March 2023. The prior year’s rate was 7.4%. Annual inflation in the European Union was 8.1% in April 2023, down from 8.3% in March 2023. A year earlier, the rate was 8.1%.
Food, alcohol, and tobacco (+2.75 percentage points, pp) 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%), Belgium (3.3%) and Spain (3.8%). The highest annual rates were recorded in Hungary (24.5%), Latvia (15.0%) and Czechia at (14.3%). Compared with March, annual inflation fell in twenty-two Member States and rose in five.
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