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Eurozone inflation rises to 1.9%

Inflation in the Eurozone accelerated in April, returning to the European Central Bank (ECB)’s target.

Initial estimates from Eurostat showed inflation in the bloc hit 1.9%. That was up from 1.5% in March, but just below February’s four-year high of 2%. The ECB aims for an inflation rate of below, but close to, 2%.

On Thursday, ECB head Mario Draghi said the Eurozone’s economic recovery was ”increasingly solid” but inflation was not high enough to lift interest rates.

Following its latest meeting, the ECB kept its main interest rate on hold at zero, and left its bond-buying stimulus scheme unchanged.