Eurozone inflation edged higher in April as rising energy prices pushed headline CPI higher, though underlying core inflation pressures eased modestly. Official data showed today that Eurozone CPI rose from 2.6% yoy to 3.0% yoy. Core CPI, excluding energy, food, alcohol and tobacco, eased slightly from 2.3% yoy to 2.2% yoy. The rebound in headline inflation was driven primarily by energy and services. Services contributed the largest share to annual inflation at 1.38 percentage points, followed by energy at 0.99 percentage points. Food, alcohol and tobacco rose 0.46 percentage points, while non-energy industrial goods contributed 0.20 percentage points.

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