Eurozone final CPI meets estimates with 0.6% MoM in April

05/19/2021 09:03:07 GMT|ByDhwani Mehta

Eurozone inflation arrives at 1.6% YoY in April.
Monthly CPI in the bloc rises by 0.6% in April.
EUR/USD keeps its recovery mode intact around 1.2220 on the data.

According to Eurostat’s final reading of the Eurozone CPI report for April, the consumer prices came in at 1.6% on a yearly basis, meeting the flash estimate of 1.6% and 1.6% expectations. While the core figures dropped to 07%, missing the 0.8% consensus forecasts.

On a monthly basis, the bloc’s CPI figure for April arrived at 0.6% versus 0.6% expectations and 0.9% previous while the core CPI numbers came in at 0.5% versus 0.6% expected and 0.6% last.

Key details (via Eurostat):

“The lowest annual rates were registered in Greece (-1.1%), Portugal (-0.1%) and Malta (0.1%). The highest annual rates were recorded in Hungary (5.2%), Poland (5.1%) and Luxembourg (3.3%). Compared with March, annual inflation fell in three Member States, remained stable in one and rose in twenty-three.”

“In April, the highest contribution to the annual euro area inflation rate came from energy (+0.96 percentage points, pp), followed by services (+0.37 pp), food, alcohol & tobacco (+0.16 pp) and non-energy industrial goods (+0.12 pp).”

FX implications:

EUR/USD is trading around 1.2220, unaffected by the EZ CPI figures. The spot stages a rebound from daily lows of 1.2205, trading modestly flat on the day.

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