Eurozone inflation confirmed at 1.2% in April
Annual inflation in the eurozone slowed to 1.2% in April from 1.3% the month before, well below the European Central Bank's target of close to but under 2%, data from Eurostat confirmed on Wednesday.
The figure was in line with consensus expectations, with the biggest contribution coming from food, alcohol and tobacco, followed by services, energy and non-energy industrial goods.
On the month, inflation came in at 0.3%, down from 1% in March and in line with expectations.
The lowest annual rates were seen in Cyprus, Ireland and Portugal, while the highest were in Romania, Slovakia and Estonia.
In the European Union, annual inflation fell to 1.4% in April from 1.5% the month before.
Looking ahead, Pantheon Macroeconomics reckons headline inflation will rise sharply in the coming months on the back of a rebound in the core rate and a further rise in energy inflation due to higher oil prices and their base effects.
"The trend in unemployment continues to signal a gradual increase in core inflation. We still think the ECB is on track to end QE later this year," it said.