Euro area's annual inflation jumps to 7% in April 2023: Eurostat

However, the situation varies widely among individual member states. For instance, the lowest annual rates were registered in Luxembourg (2.7 per cent), Belgium (3.3 per cent), and Spain (3.8 per cent), highlighting the relative stability of these economies amid inflationary pressures.

In contrast, the highest annual inflation rates were seen in Hungary, recording an alarmingly high rate of 24.5 per cent, followed by Latvia (15 per cent) and Czechia (14.3 per cent), as per Eurostat.

Compared with March 2023, twenty-two member states reported a drop in annual inflation in April 2023, with only five countries seeing an increase.

Non-energy industrial goods made a significant contribution to the annual euro area inflation rate, adding 1.62 percentage points. In comparison, energy's contribution was lower but still notable at 0.38 percentage points.

ALCHEMPro News Desk (DP)