TD Securities analysts note that the Euro area core inflation for April was revised upward to 1.3% y/y (headline unchanged at 1.7%).
“Sharp increases were recorded in Easter-sensitive components such as travel services, hotels, and package holidays (NB: Easter was much later in 2019 vs 2018). Much of these impacts should unwind in May, though air travel inflation may remain elevated on the back of higher prices from the Boeing 737 Max groundings.”
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