- Eurozone inflation arrives at 2.0% YoY in May.
- Monthly CPI in the bloc rises by 0.3% in May.
- EUR/USD keeps its recovery mode intact around 1.1950 on the data.
According to Eurostat’s final reading of the Eurozone CPI report for May, the consumer prices came in at 2.0% on a yearly basis, meeting the flash estimate of 2.0% and 2.0% expectations. While the core figures rose to 1.0%, beating the 0.9% consensus forecasts.
On a monthly basis, the bloc’s CPI figure for May arrived at 0.3% versus 0.3% expectations and 0.6% previous while the core CPI numbers came in at 0.2% versus 0.2% expected and 0.2% last.
Key details (via Eurostat):
“The lowest annual rates were registered in Greece (-1.2%), Malta (0.2%) and Portugal (0.5%). The highest annual rates were recorded in Hungary (5.3%), Poland (4.6%) and Luxembourg (4.0%). Compared with April, annual inflation fell in four Member States, remained stable in one and rose in twenty-two. “
“In May, the highest contribution to the annual euro area inflation rate came from energy (+1.19 percentage points, pp), followed by services (+0.45 pp), non-energy industrial goods (+0.19 pp) and food, alcohol & tobacco (+0.15 pp).”
FX implications:
EUR/USD is recovering to near 1.1948, unfazed by mixed EZ CPI figures. The spot stages a rebound from two-month lows of 1.1937, shedding 0.37% on the day.
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