Consumer prices provisionally rose just 0.1 percent on the month in April. This put the annual inflation rate at 0.5 percent, fully reversing March's probably Easter-related bounce and so back at its lowly February level.
The flash HICP was up 0.5 percent on the month which saw its yearly rate drop from 0.9 percent to 0.6 percent.
April's headline decline in annual CPI inflation was partly attributable to weakness in food, where the rate fell from 1.6 percent to 0.5 percent, and energy, where the regulated rate decreased from 5.0 percent to minus 1.1 percent. Even so, the core rate, which excludes energy and fresh food, also shed 0.2 percentage points to 0.5 percent. This compares with a recent high of 0.9 percent in December.
The early Easter this year almost certainly helped to distort the inflation profile in March/April. However, the underlying picture clearly remains dangerously soft and April's data make for downside risk to the flash core Eurozone results due Thursday.