June 01, 2023 (MLN): The euro area estimated annual consumer inflation rate eased to 6.1% YoY in May, according to flash estimates released on Thursday.

May's reading dropped from 7% YoY in April and reached the lowest level since February 2022, as APP reported.

Energy prices fell by 1.7% YoY in May, shifting from a hike of 2.4% in April, Eurostat data showed.

Food, alcohol, and tobacco prices are expected to rise by 12.5% annually in May, easing from 13.5% in April.

On a monthly basis, the euro area consumer prices index showed no change in May, resulting in monthly inflation remaining at 0%.

The cost of energy in the single currency zone is estimated to have dropped by 2.2% MoM.

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Posted on: 2023-06-01T15:50:06+05:00