Euro zone price growth accelerated by more than expected in April, boosted by more costly energy and services and the core inflation measure watched closely by the European Central Bank rose as well, according to initial estimates released on Friday. Inflation in April accelerated mainly because of energy, the prices of which increased 5.4 percent year-on-year after a 5.3 percent rise in March.

The European Union statistics office Eurostat said consumer prices in the 19 countries sharing the euro increased 1.7 percent year-on-year in April, accelerating from 1.4 percent in March and above market expectations of a 1.6 percent rise. This is the highest reading since October 2018, according to Reuters.

The ECB wants to keep inflation below, but close to 2 percent over the medium term and has postponed late last year any tightening of its monetary policy because of an expected slowdown of the euro zone economy.