Euro Area Inflation Rate
Apr 30, 2023
Jun 01, 2023
Time to Release
6 Days 2 Hours
In Euro Area, the inflation rate is calculated using the weighted average of the Harmonised Index of Consumer Price (HICP) aggregates. The main components of the HICP are: food, alcohol and tobacco (19 percent of the total weight), energy (11 percent), non-energy industrial goods (29 percent) and services (41 percent). The HICP aggregates are computed as the weighted average of each country’s HICP components. The weight of a country is its share of household final monetary consumption expenditure in the total of the country’s group. The local HICPs are supplied to the Eurostat by the National Statistical Institutes.
The Euro Area's consumer price inflation was confirmed at 7.0 percent in April 2023, slightly higher than the previous month's 13-month low of 6.9 percent. The rate remained significantly above the European Central Bank's target of 2.0 percent, indicating that policymakers will likely continue their efforts to curb inflationary pressures. Energy prices rebounded by 2.4 percent compared to a decline of 0.9 percent in March, while the cost of services increased at a faster pace of 5.2 percent. However, inflation slowed for food, alcohol, and tobacco, as well as non-energy industrial goods. On a monthly basis, consumer prices rose by 0.6 percent, marking the third consecutive month of increase. The core index, which excludes volatile items such as food and energy, eased slightly to 5.6 percent but remained near the all-time high of 5.7 percent recorded in March.
Euro Area Inflation Rate History
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