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mpc: 10 In the euro area, GDP growth had increased to 0.6% in Q1. The expenditure composition of Q1 growth had been encouraging; in particular, household spending had accelerated sharply. Investment growth had been weak but this appeared to have largely reflected the effect of bad weather on construction investment and might therefore prove to be temporary. The available survey-based evidence of industrial and consumer confidence, together with the Purchasing Managers' Indices (PMI) for the manufacturing and services sectors, suggested that GDP growth had picked up further in Q2. The flash estimate of headline consumer price inflation had increased to 2.5% in May.