Euro area core CPI jumps in April

(Sharecast News) - The cost of living in the euro area was unchanged in April, despite a sharp decline in energy costs. Core inflation on the other hand picked up.

According to a preliminary estimate from Eurostat, euro area consumer prices jumped by 0.6% month-on-month.

In annual terms however, the rate of advance in CPI was steady at 2.2%, whereas economists had anticipated that it would tick lower by one tenth of a percentage point to 2.1%.

Core CPI meanwhile, which excludes food, alcohol, tobacco and energy prices, jumped by 1.0% versus March.

That pushed the year-on-year rate of increase in core CPI from 2.4% to 2.7%.

In terms of the monthly comparison, services prices shot up by 1.3%, while those for unprocessed foods were up by 0.9% and those of non-energy industrial goods by 0.4%.

Energy prices meanwhile fell by 2.3%.