The consumer price inflation rate in the Eurozone (EU) for May has significantly slowed compared to the previous month.
According to Eurostat, the statistical office of the European Union (EU), consumer prices in the Eurozone rose by 6.1% in May compared to the same month last year. This is a 0.9 percentage point decrease from the 7.0% increase recorded in April. It is also lower than the market expectation of 7%.
The core inflation rate, which reflects the underlying trend in prices, also decreased by 0.3 percentage points from 5.6% in April to 5.3% in May. Following last year’s sharp surge in energy prices that repeatedly pushed the EU inflation rate to record highs, the inflation rate appears to be gradually stabilizing.
By sector, the inflation rate for food, alcohol, and tobacco?which directly affects consumers’ perceived cost of living?was 12.5% in May. Although this is a 0.9 percentage point decrease from 13.5% in April, it still indicates a continuing trend of price increases. The inflation rate for industrial goods was 5.8%, and the services sector saw a 5.0% increase. Energy prices fell by 1.7%.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
