Euro area inflation was 0.6% MoM and 2.2% YoY in April, unchanged from the March rate but slightly above expectations of a 2.1% YoY increase.

• Core inflation was 1.0% MoM and 2.7% YoY, up from 2.4% YoY and above expectations of a 2.5% YoY increase.
• The core monthly increase of 1.0% MoM was above the 0.6% MoM increase in April 2024.
• Food prices increased 0.4% MoM and 3.0% YoY, the highest annual rate since February 2024.
• Energy prices declined -2.3% MoM and -3.5% YoY, offsetting some of the hotter prints elsewhere.
• Non-energy goods were up 0.4% MoM and the annual rate was unchanged at 0.6% YoY.
• Services inflation was hot, printing 1.3% MoM and 3.9% YoY, up from 3.5% YoY in March and the hottest in 2025 so far.
• The services MoM print of 1.3% was significantly faster than the 0.8% increase in April 2024.