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Eurozone Inflation At 5-month High In April; Tops Expectations

Eurozone's consumer price inflation accelerated more-than-expected in April to its highest level in five months, led by higher energy prices and services costs, preliminary data from Eurostat showed on Friday.

The consumer price index rose 1.7 percent year-on-year following a 1.4 percent increase in March. Economists had forecast 1.6 percent inflation.

Core inflation, which excludes prices of energy, food, alcohol and tobacco, climbed to 1.2 percent from 0.8 percent. Economists had expected 1 percent inflation.

Energy inflation rose to 5.4 percent from 5.3 percent. Services costs grew 1.9 percent following a 1.1 percent increase in March.

Separately, Eurostat reported that producer price inflation eased slightly to 2.9 percent in March from 3 percent in February. Economists had forecast 3 percent price growth.

Compared to the previous month, producer prices decreased 0.1 percent in March, reversing a similar size gain in the previous month. Economists had expected a 0.1 percent increase. Prices fell for the first time in three months.

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