The euro area annual consumer inflation rate eased to 6.1% in May, thanks to a decline in energy prices, according to flash estimates released on Thursday.
May’s reading dropped from 7% in April and reached the lowest level since February 2022. Energy prices fell by 1.7% year-on-year in May, shifting from a hike of 2.4% in April, Eurostat data showed. Food, alcohol, and tobacco prices are expected to rise by 12.5% annually in May, easing from 13.5% in April.
On a monthly basis, the euro area consumer prices index showed no change in May, resulting in monthly inflation remaining at 0%. The cost of energy in the single currency zone is estimated to have dropped by 2.2% month-on-month.— AA
