The annualized Eurozone rose by 7.5% in April, coming in higher than the previous reading of 7.4%, the latest data published by Eurostat showed on Friday. The consensus forecast was for a reading of 7.5%.
The core figures arrived at 3.5% YoY in April when compared to 3.2% expectations and 2.9% booked in March.
The Euro area figures are reported a day after Germany’s annual inflation for April arrived at 7.8%, beating expectations of 7.6% following a 7.6% increase reported in March.
The bloc’s HICP figures hold significance, as it helps investor assess the chances that the European Central Bank (ECB) might signal a faster than an expected path for policy tightening.
Key details (via Eurostat)
“Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in April (38.0%, compared with 44.4% in March), followed by food, alcohol & tobacco (6.4%, compared with 5.0% in March), non-energy industrial goods (3.8%, compared with 3.4% in March) and services (3.3%, compared with 2.7% in March).”
EUR/USD paid little heed to the mixed Eurozone inflation figures. The spot is adding 0.77% on the day, currently trading near-daily highs of 1.0578.
The index hit another record high, as the Russian invasion of Ukraine pushed fuel and natural gas prices to all-time highs.
About Eurozone Preliminary GDP
The Gross Domestic Product released by Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone’s economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
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