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mpc: 2 headline index had also reflected an increase in the expectations index, which rose to 91.4 in May, from 79.3 in April. The current conditions index had fallen to 93.2 in May, from 96.4 in April. A5 Annual headline consumer price inflation in the United States had decreased to 2.2% in April, from 3.0% in March. Annual core consumer price inflation (which excludes food and energy prices) had been 1.5% in April, down from 1.7% in March. US producer prices had risen by 2.4% in the year to April, after an increase of 4.2% in the year to March. Core US producer prices had fallen by 0.2% in the year to April, after rising by 0.9% in the year to March. A6 According to Eurostat's flash estimate, euro-area GDP had been unchanged on the quarter in 2003 Q1. German GDP had contracted by 0.2%, following no change in 2002 Q4. Within total German GDP, private consumption had grown by 0.6%, following an increase of 0.1% in 2002 Q4. Total investment had fallen by 1.7%, after rising by 0.8% in 2002 Q4. Government consumption had grown by 0.1%, after falling 0.5% in 2002 Q4. Stocks had contributed 0.1 percentage points, while net trade had subtracted 0.4 percentage points from growth. French GDP had increased by 0.3% on the quarter in 2003 Q1, following a decrease of 0.1% in 2002 Q4. Private consumption had increased by 0.6%, total investment had risen by 0.4% and government consumption had increased by 0.1% on the quarter. Net trade had made a negative contribution of 0.4 percentage points to quarterly growth, while inventories had added 0.2 percentage points. Italian GDP had declined by 0.1% on the quarter in 2003 Q1. A7 Industrial production in the euro area had fallen by 1.2% on the month in March, following a monthly increase of 0.4% in February. In March, according to the Eurostat release, industrial production had fallen in Germany, France and Italy. The Purchasing Managers' Index (PMI) for the manufacturing sector in the euro area had fallen to 46.8 in May, from 47.8 in April. The services sector PMI had risen to 47.9 in May, from 47.7 in April. The European Commission's industrial confidence indicator for the euro area had fallen to ­13 in May, from ­12 in April, and the Commission's consumer confidence indicator had declined to ­20, from ­19. The West German IFO index had increased to 87.6 in May, from 86.6 in April. German manufacturing orders had risen by 1.4% in April from the previous month, following a revised monthly fall of 3.2% in March. French consumer spending on manufactured goods had been unchanged in April compared with a month earlier.