Inflation across the European Union remained unchanged at an annualized 2.4% in April, which matched the consensus forecasts of economists.
On a monthly basis, inflation throughout Europe rose 0.6%.
Core inflation, which excludes energy, food, alcohol, and tobacco, fell to an annualized 2.7% from 2.9% in March.
Lower energy prices were the main reason for inflation continuing to moderate on the continent, said Eurostat, the statistics agency that reported the consumer price data.
At the same time, Europe’s gross domestic product (GDP) rose 0.3% during this year’s first quarter, which was slightly better than consensus expectations among economists.
GDP for the fourth quarter of 2023 was revised down to a 0.1% contraction from a previous reading of no growth.
The revised figure put Europe in a recession during the second half of last year, defined as two consecutive quarters of negative economic growth.
Markets expect that the European Central Bank (ECB) will begin cutting interest rates at its next monetary policy meeting on June 6.
Futures traders are placing a 70% probability of a June rate cut, followed by additional cuts later this year.
Members of the European Central Bank have said in recent weeks that interest rate reductions are needed to help revive and sustain the European economy.