The provisional April CPI was unrevised in the final report. With base effects very positive (the timing of Easter the key factor here), an unchanged CPI on the month was enough to lift the annual inflation rate from 1.6 percent to 2.0 percent, reversing much of March's 0.6 percentage point decline.
Reflecting the impact of Easter, the main boost to the yearly change in prices came from services within which leisure and entertainment jumped from minus 0.6 percent to 3.3 percent. Alcohol and tobacco (2.2 percent after 1.9 percent) also had a positive effect although food and non-alcoholic drinks (1.7 percent after 2.2 percent) moved in the other direction. Clothing and shoes (1.4 percent after 2.8 percent) similarly subtracted. Excluding energy, prices dipped 0.1 percent from March but were 1.7 percent higher on the month, up from 1.2 percent at quarter-end and in line with their February mark.
The final April CPI data confirm the significance of Easter distortions to the headline readings. Underlying trends are much more stable but would seem to be heading gradually higher.