Eurozone Inflation Drops in May, Hits Lowest Since September
(MENAFN) Consumer inflation across the euro area cooled to 1.9% in May, marking a decline from April’s 2.2% and hitting its lowest level since September 2024, Eurostat revealed on Tuesday.
This latest figure came in below market forecasts of 2% and fell short of the European Central Bank’s (ECB) inflation target for the month.
The primary factor behind the easing inflation was a 3.6% annual drop in energy prices, which significantly pulled the overall rate downward.
Conversely, the sharpest upward pressure on inflation stemmed from food, alcohol & tobacco prices, which rose by 3.3% in May. These were closely followed by services at 3.2%, and non-energy industrial goods, which climbed 0.6%.
Core inflation, a key metric that strips out the more volatile food and energy sectors, increased by 2.3% year-on-year, slightly below market expectations of 2.4%.
Among eurozone nations, Estonia posted the highest annual inflation at 4.6% in May, with Croatia and Slovakia tied at 4.3%.
On the other end of the spectrum, the Greek Cypriot Administration recorded the lowest inflation rate at just 0.4%, followed by France at 0.6% and Ireland at 1.4%.
Month-over-month, the consumer price index remained flat in May, after a 0.6% rise recorded in April.
The eurozone, also known as EA20, comprises EU member countries that have adopted the euro as their official currency.
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