2023-05-02 09:27:00
Just days before the European Central Bank announced its interest rate decision
The inflation rate in the eurozone rose for the first time since November 2022 in April, according to preliminary data released on Tuesday, remaining well above the levels targeted by the European Central Bank.
Inflation reached levels of 7% on an annual basis over the past month, according to Eurostat, following falling to 6.9% in March. Core inflation, which excludes food and energy prices, was 5.6% in April compared to 5.7% in March.
The latest numbers come just days before the European Central Bank announces its interest rate decision, as the market awaits the possibility of the central bank raising interest rates by either 25 or 50 basis points.
Despite the continuous increase in the interest rate, inflation is still above the central bank’s target of 2%, as estimates published by the International Monetary Fund last week indicated that headline inflation in the region will not approach the target until 2025.
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