Eurozone Inflation Increases to 3 Percent Amid Soaring Energy Prices

The figures were released the same day that the European Central Bank announced it would be holding interest rates steady.

A woman walks past the European Central Bank (ECB) headquarters in Frankfurt, Germany, on Jan. 28, 2021. Kai Pfaffenbach/Reuters

Inflation in the Eurozone increased to an estimated 3 percent in April, with rising energy costs being the main driver, according to Eurostat.

New data from the European Union’s statistical office, published on April 30, show that the annual inflation rate for the Euro area is expected to be 3 percent this month, up from 2.6 percent in March and up from 1.9 percent in February.