A downward adjustment for the Eurozone inflation in April to a 4-year low

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BRUSSELS (Reuters) – Eurostat annual inflation in April reached 0.3 percent, the lowest level in nearly four years, as the office cut its previous estimates as oil prices fell more than previously expected, final data released by the European Union’s statistics office Eurostat said on Wednesday. .

Earlier estimates of the office had indicated consumer prices in the 19 countries using the euro rose 0.4 percent year-on-year in April, but on Wednesday it lowered the number to 0.3 percent, the lowest since August 2016.

This is confirmed by the path of slowing inflation since the beginning of the year, as it fell from 0.7 percent in March, 1.2 percent in February and 1.4 percent in January, moving away from the European Central Bank’s target of a rate just slightly less than two percent in the term The average.

The review came as a result of a drop in expectations of energy prices in light of the Corona virus crisis and the large oil price war Russia and Saudi Arabia.

Eurostat said energy prices fell 9.7 percent year on year in April, down from its previous estimate of 9.6 percent.

Excluding oil prices, Eurostat data showed that inflation increased to 1.4 percent in April from 1.3 percent in March, mainly due to higher prices in grocery stores.

Compared to the previous month, Eurostat kept reading the euro zone inflation rate at 0.3 percent.

Prepared by Mahmoud Salama for the Arabic Bulletin – Edited by Ahmed Elhamy

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