Surprise jump in Euro area inflation sees figure rise to 7%

Despite its monthly increase, annual inflation remains down year-on-year, falling from 7.4% to 7% in April 2023

The European Central Bank pictured in Frankfurt, Germany, May 2023. (AP Photo/Michael Probst)

Euro area inflation rose marginally in April to 7%, driven largely by a surge in food prices which have grown by 2.75% in the last month.

Preliminary estimates from the statistics agency show that Eurozone inflation remains sticky, despite seven rate hikes by the ECB targeting rising prices.