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Eurozone annual inflation confirmed at 1.2% in April

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Eurozone annual inflation confirmed at 1.2% in April

Annual inflation in the eurozone slowed to 1.2% in April, in line with a flash estimate, undershooting the European Central Bank's medium-term target and adding to expectations that policymakers might extend the bloc's quantitative easing beyond September.

April's reading followed headline inflation of 1.3% in March. Core inflation, which excludes energy, food, alcohol and tobacco, fell to 0.7% in April, also in line with expectations and down from 1% the month before, final Eurostat data showed.

In monthly terms, headline inflation came in at 0.3% while core inflation was 0.2%.

The euro was down 0.09% against the dollar to $1.1827 as of 5:09 a.m. ET.