Since mid-2021, inflation has maintained a clear upward trend. This trend has intensified in recent months, mainly as a result of the war in Ukraine. In the euro area, inflation reached 7.5% in April 2022, which is the maximum value since its creation.
Although most of this increase has been due to the rebound in energy prices and, to a lesser extent, food prices, core inflation, which reflects more stable prices, has also risen appreciably, reaching