The final figure of euro zone CPI inflation came out in line with expectations. In April, consumer prices rose by 0.6% M/M to annual level of 2.8% Y/Y, from 2.7% Y/Y in March. The details show that upward price pressures were broad-based as only prices of communication (-0.4% M/M) dropped in April. Upward price pressures, on the contrary, were led by clothing (2.6% M/M), energy (1.5% M/M), transport (1.1% M/M) and housing (0.6% M/M). The less volatile core CPI, which excludes food and energy, continued its steep uptrend, rising from 1.3% Y/Y to 1.6% Y/Y, more than expected and the highest level in two years. Part of the increase in core CPI might be due to Easter and the Easter Holidays. In the last two months, core CPI jumped from 1.0% Y/Y to 1.6% Y/Y, indicating second-round effects are taking place and providing further evidence that the ECB should continue raising rates in order to keep inflation in check.