FRCPI
  • Prior +2.3%
  • HICP +2.4% vs +2.4% y/y prelim
  • Prior +2.4%

The good news is that core annual inflation declined once again, falling to 1.9% in April from 2.2% in March. That will provide some added confidence for the ECB but we'll see if it can keep that way especially closer to year-end.