The disinflation that characterized the second half of 2023 did not make into the new year. For those still hoping that this was a temporary Q1 aberration the first 20-days of PriceStats readings make sobering reading. April is generally a seasonally robust time of the year for price rises in most countries, but the gains so far this month are well above the norm; especially in the UK and Eurozone. This is almost certainly energy and supply-side driven, but with central banks claiming to be  “data not date” dependent this news brings an unwelcome complication to the anticipated disinflation trend  and the rate cuts that supported.