Euro area's annual inflation jumps to 7% in April 2023: Eurostat

20 May 23 2 min read

Insights

  • Euro area's annual inflation rate rose to 7 per cent in April 2023, up from 6.9 per cent in March, while EU's inflation rate dropped to 8.1 per cent from 8.3 per cent.
  • Hungary reported a high rate of 24.5 per cent, while Spain recorded the lowest inflation rate.
  • Non-energy industrial goods were a key inflation driver, contributing 1.62 percentage points.
The euro area's annual inflation rate has increased to 7 per cent in April 2023, slightly up from 6.9 per cent in March, according to figures released by Eurostat, the statistical office of the European Union (EU). Despite the rise, this rate is still lower than the 7.4 per cent recorded in the previous year. Meanwhile, the broader EU saw its annual inflation rate drop to 8.1 per cent in April 2023, compared to 8.3 per cent in March. This rate is identical to what was reported a year earlier, showing a stabilisation in inflation levels.

However, the situation varies widely among individual member states. For instance, the lowest annual rates were registered in Luxembourg (2.7 per cent), Belgium (3.3 per cent), and Spain (3.8 per cent), highlighting the relative stability of these economies amid inflationary pressures.

In contrast, the highest annual inflation rates were seen in Hungary, recording an alarmingly high rate of 24.5 per cent, followed by Latvia (15 per cent) and Czechia (14.3 per cent), as per Eurostat.

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Compared with March 2023, twenty-two member states reported a drop in annual inflation in April 2023, with only five countries seeing an increase.

Non-energy industrial goods made a significant contribution to the annual euro area inflation rate, adding 1.62 percentage points. In comparison, energy's contribution was lower but still notable at 0.38 percentage points.

Fibre2Fashion News Desk (DP)

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