Eurozone inflation rises to 7% in April

The eurozone annual consumer inflation rate rose to 7% in April due to a rise in energy costs, meeting the market forecast, according to flash estimates released on Tuesday.

The figure accelerated from a 13-month low of 6.9% in March, following four consecutive months of decline.

Energy prices increased 2.5% year-on-year in April, after decreasing 0.9% in March.

Food, alcohol, and tobacco prices are expected to have the highest annual rate in April with 13.6%, easing from 15.5% in March.

On a monthly basis, the euro area consumer prices index climbed 0.7% in April.

The cost of energy in the single currency zone is estimated to have dropped 0.8% month-on-month.