Eurozone inflation hits 7% in April
Eurozone inflation rose above expectations to 7% in April, complicating the situation for the European Central Bank, which on Thursday is to set borrowing costs.
Eurostat said annual core inflation, which excludes energy and food prices, fell to 5.6% in April from 5.7% the previous month. ECB officials said they are not going to stop raising rates until underlying inflation declines significantly.
The month-on-month inflation rate slowed from 0.9% in March to 0.7% in April.
The ECB has increased its deposit rate from -0.5% last summer to 3% in March. Policymakers said another increase is likely to be announced after Thursday's meeting, but incoming data will determine whether the ECB will stick to a half-percentage point rise or slows to a quarter-point move.
Subscribe to Russian Market
