Inflation inches up in Europe ahead of interes rate decision
Europe’s painful inflation inched higher last month, extending the squeeze on households and keeping pressure on the European Central Bank to unleash another large interest rate increase
FRANKFURT, Germany (AP) — Europe's painful inflation inched higher last month, extending the squeeze on households and keeping pressure on the European Central Bank to unleash another large interest rate increase.
Consumer prices in the 20 countries using the euro currency jumped 7% in April from a year earlier, just down from the annual rate of 6.9% in March, the European Union statistics agency Eurostat said Tuesday.
Food prices eased a little, falling to an annual 13.6% from March’s 15.5%, while energy prices rose a more modest 2.5%.
Core inflation, which excludes volatile food and fuel, slowed slightly but was still high at 5.6%, underlining the expectation that the ECB will press ahead with its campaign to beat inflation into submission with rate hikes. The question is: How quickly will the bank go?
