Latest inflation data eases fear of hefty ECB rate hike on Thursday

European Central Bank board member Isabel Schnabel has warned about the persistence of core inflation pressures and strong momentum in food costs. File picture

Underlying inflation in the eurozone eased for the first time in 10 months, backing the case for the European Central Bank (ECB) to slow the most aggressive interest-rate hiking campaign in its history later this week.

Consumer prices, stripping out volatile items like fuel and food costs, rose 5.6% from a year ago in April — down from March’s record 5.7% advance.