The Eurozone Harmonized Index of Consumer Prices (HICP) increased 2.2% year-over-year (YoY) in April, at the same pace as seen in March, the official data released by Eurostat showed Friday. The market consensus was for a 2.1% reading in the reported period.
The core HICP rose 2.7% over the year in April against a 2.4% acceleration in March, beating the 2.5% expectations.
On a monthly basis, the bloc’s HICP advanced 0.6% in April compared to March’s 0.6%. The core HICP inflation stayed at 1% month-over-month (MoM) in the same period.
The European Central Bank’s (ECB) inflation target is 2.0%. The old continent’s HICP inflation data significantly impacts the market’s pricing of the ECB's future interest rate cuts.
Meanwhile, the bloc’s Unemployment Rate remained at 6.2% in March.
