2023.06.0109:20:00UTC+00Eurozone Inflation Weakest Since Early 2022

Eurozone inflation eased sharply to a 15-month low in May largely due to a fall in energy prices, flash data from Eurostat showed on Thursday.

Inflation eased to 6.1 percent in May from 7.0 percent in April. The rate was forecast to slow to 6.3 percent. This was the lowest rate since February 2022, when inflation was 5.9 percent.

At the same time, core inflation that excludes energy, food, alcohol and tobacco prices, slowed moderately to 5.3 percent from 5.6 percent in the previous month.

All components of the harmonized index of consumer prices posted a slower annual growth, while energy prices logged a decline in May.

Food, alcohol and tobacco prices grew 12.5 percent annually, slower than the 13.5 percent increase in April. Energy prices slid 1.7 percent, reversing a 2.4 percent rise.

Cost of non-energy industrial goods gained 5.8 percent after a 6.2 percent rise. Likewise, growth in services cost eased to 5.0 percent from 5.2 percent.