Eurozone final CPI meets estimates with 0.6% MoM in April

Eurozone inflation arrives at 1.6% YoY in April.
Monthly CPI in the bloc rises by 0.6% in April.
EUR/USD keeps its recovery mode intact around 1.2220 on the data.

Dhwani Mehta FXStreet

According to Eurostat’s final reading of the Eurozone CPI report for April, the consumer prices came in at 1.6% on a yearly basis, meeting the flash estimate of 1.6% and 1.6% expectations. While the core figures dropped to 07%, missing the 0.8% consensus forecasts.

On a monthly basis, the bloc’s CPI figure for April arrived at 0.6% versus 0.6% expectations and 0.9% previous while the core CPI numbers came in at 0.5% versus 0.6% expected and 0.6% last.

Key details (via Eurostat):

“The lowest annual rates were registered in Greece (-1.1%), Portugal (-0.1%) and Malta (0.1%). The highest annual rates were recorded in Hungary (5.2%), Poland (5.1%) and Luxembourg (3.3%). Compared with March, annual inflation fell in three Member States, remained stable in one and rose in twenty-three.”

“In April, the highest contribution to the annual euro area inflation rate came from energy (+0.96 percentage points, pp), followed by services (+0.37 pp), food, alcohol & tobacco (+0.16 pp) and non-energy industrial goods (+0.12 pp).”

FX implications:

EUR/USD is trading around 1.2220, unaffected by the EZ CPI figures. The spot stages a rebound from daily lows of 1.2205, trading modestly flat on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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