FX.co ★ Euro Zone Core CPI Ex-Tobacco Accelerates to 3.0% in April, Up from 2.5% in March

The Euro Zone’s CPI excluding tobacco rose to 3.0% year-over-year in April 2026, up from 2.5% in March 2026, signaling a renewed pickup in underlying price pressures. The data, updated on 20 May 2026, show that core inflation excluding tobacco has strengthened compared to the same month a year earlier, after moderating in the previous month.

On a year-over-year comparison basis, April’s reading marks a clear acceleration from March, when the index’s 2.5% annual gain also reflected a comparison with March a year earlier. The latest move suggests that underlying inflation dynamics in the currency bloc remain firm, even as policymakers and markets track signs of disinflation across headline measures. Investors and analysts will now assess whether April’s uptick represents a temporary bump or an early sign that core price pressures are proving more persistent than anticipated.