Euro zone inflation inched up to a new record high of 7.5% in April and energy costs were the biggest contributor to the latest increase
Inflation in the 19-country currency bloc rose to 7.5% in April from 7.4% in March, in line with expectations, driven by a persistent surge in energy and food prices, data from European Union statistics agency Eurostat showed on Friday.
Inflation excluding food and fuel prices, closely watched by the ECB, rose to 3.9% from 3.2% while a narrower measure that also excludes alcohol and tobacco products, jumped to 3.5% from 2.9%. Both figures were well above expectations. Struggling to curb price growth, the ECB is all but certain to cut support for the economy further when policymakers meet on June 9, even if the war weighs on confidence and risks pushing growth into negative territory this quarter.
Policymakers' big concern is that longer-term inflation expectations are rising well above their 2% target, indicating waning confidence in the ECB's ability to control prices and ultimately deliver on its mandate.
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