On a monthly basis, the inflation rate in the euro zone fell more than expected to 0.6% in April, against 0.9% in March, while expectations were for 0.7%.
Inflation in the euro zone slowed the most in March to 6.9%, as energy prices fell to the lowest level in a year, after peaking at 10.6% in October.
Core inflation, which excludes food and energy, fell year-on-year to 5.6% in April, in line with expectations, from 5.7% in March.
The European Central Bank raised the interest rate by 25 basis points last April to reach the level of 3.75%, the seventh consecutive increase since last year, in an effort to control inflation.
And the European Commission announced the day before yesterday that it had revised its inflation forecast for the euro zone, bringing it to 5.8% in 2023, against 5.6% in the previous forecast.
The Commission expects consumer prices to fall to 2.8% in 2024, still above the 2% target set by the European Central Bank.
“While inflation remains high, financing conditions are expected to tighten further,” warns the European Commission’s statement.
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