Eurozone CPI inflation data for May was published today at 11:00 AM. A drop in inflation was expected and this expectation was fulfilled. The results of the CPI from Spain, France and Germany published in the last two days have given many clues.
The current report for the entire euro area confirmed the decline – CPI inflation fell below the economist’s estimate in May. The main inflation indicator CPI fell to its lowest level since November 2022 and the core indicator is the lowest since January 2023. Inflation in Europe thus continues to decline, the main driver being lower energy prices.
Eurozone, CPI inflation for May
- Main indicator: 6.1% meziron vs. oeqvanch 6.3% (7.0% YoY two)
- Core indicator: 5.3% meziron vs. oeqvanch 5.5% (5.6% YoY two)
The market did not react strongly to the new data, because the results were disappointing after the public data from some of the eurozone countries. EURUSD fell in the initial reaction and is now trading slightly above the levels where they were before the announcement of the result.
EURUSD, 5 min. interval. Source: xStation5
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