Eurozone CPI Fund May 6.1% YoY… big drop

(New York = Yonhap Infomax) Reporter Jeong Seon-yeong = The Eurozone Consumer Price Index (CPI) fell sharply.

Eurozone Inflation Table in May
Source: Eurostat

According to Eurostat, the statistics agency of the European Union, on the 1st (local time), the euro area’s preliminary CPI rose 6.1% year on year in May.

This is below 7.0% the previous month, and is below the 6.4% expected by experts compiled by the Wall Street Journal (WSJ).

Compared to the previous month, the rate of increase in the consumer price index maintained the same level (0.0%).

Core inflation, excluding volatile items such as energy and food, also fell slightly.

The core CPI for May was 5.3%, down from 5.6% the previous month.

This was also below Wall Street expectations of 5.5%.

Core CPI rose 0.2% MoM.

The fall in Eurozone CPI in May was attributed to a 12.5% ​​year-on-year increase in food, alcohol and tobacco prices, but a moderation of 13.5% in April.

Experts also attributed the fall in euro area core inflation to the ‘EUR49’, a cheap transport ticket in Germany.

At the same time, further inflationary pressures could be eased.

“Eurozone inflation will be moderated mainly by the sharp drop in prices over the previous year, but significant inflationary pressures will also ease,” said Fritsch Kohler Gaib, chief economist at KfW. weakening,” he said.

This article was submitted at 21:33, 2 hours earlier on the Infomax financial information terminal.

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