Eurozone inflation hits another record high, reachingg 7.5% in April
The eurozone's annual rate of inflation rose again in April, stabilizing at its highest level in history.
Consumer prices rose 7.5% on year in April after climbing 7.4% in March, according to a first estimate released Friday by Eurostat, the European Union's statistics agency. Economists polled by The Wall Street Journal had forecast eurozone inflation at 7.5% in April. Russia's attack on Ukraine has fueled a climb in energy prices and they were the main driver of the on-year increase. Energy prices rose 38.0%, compared with 44.4% in March, showing a deceleration.The core consumer price index--which excludes the more volatile categories of food and energy--rose 3.5% on year in April after rising 2.9% the previous month. This figure was above the 3.1% forecast by economists in a Wall Street Journal poll.
The acceleration in the eurozone's annual rate of inflation adds further evidence to a buildup in price pressures globally that is lasting longer than initially expected amid strong consumer demand, high energy prices and global supply-chain disruptions.
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