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🇪🇺 Eurozone stagflation is back, and the ECB is being asked to fix inflation that monetary policy didn't cause
The week in view

🇪🇺 Eurozone stagflation is back, and the ECB is being asked to fix inflation that monetary policy didn't cause

Macro Soup Newsroom Macro Soup Newsroom 4 min read

Eurozone HICP jumped to 3.0% YoY in April, a post-2023 high, while Q1 GDP grew just 0.1% QoQ. The ECB held at 2.00% as its SPF revised 2026 inflation forecasts up 90bps to 2.7%, closing off the near-term case for rate cuts.

3D illustration of increasing red bars with a rocket labeled 'INFLATION' launching from the tallest bar and emitting smoke.
Eurozone inflation reaccelerated to 3% in April amid surging energy costs from the Middle East conflict, highlighting the stagflationary backdrop as growth forecasts were cut to 1.0% for 2026. Source

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