The European Statistical Office (Eurostat) has published Eurozone and European Union (EU) inflation figures for May. They show that annual consumer price index (CPI), which amounted to 2.2% in April, decreased to 1.9% in May. At the same time, in monthly terms, the CPI remained unchanged.
At the same time, core inflation (excluding energy and food prices) in the euro area in May amounted to 2.3% year-on-year and 0% month-on-month.
Among the main components of inflation in the euro area, the greatest contribution in annual terms came to the services sector – 1.47%. Next are food, alcohol and tobacco (0.62%), non-energy industrial goods (0.16%) and energy, which showed negative dynamics – minus 0.34%.
In the EU as a whole, annual inflation fell from 2.4% in April to 2.2% in May. In individual countries, the annual inflation rate in May amounted to 2.1% in Germany, 0.6% in France, 1.7% in Italy and 2% in Spain.
The European Central Bank (ECB) remains committed to the goal of keeping inflation at around 2% in the medium term.
