Consumer prices across the European Union (EU) declined more than expected in May, with headline inflation falling to 6.1% from 7% in April.
Inflation in Europe is now at its lowest level since February 2022. Economists polled by the Reuters News Agency had expected a headline inflation rate of 6.3% in May.
Core inflation, which removes volatile food and energy prices, declined to 5.3% in May from 5.6% in April of this year.
Inflation in Germany and France, Europe’s two biggest economies, also fell more than expected in May, bringing consumer prices in those nations to 12-month lows.
The European Central Bank (ECB) meets on June 15 to decide its next move on interest rates.
Over the past year, the central bank has lifted its benchmark interest rate from -0.5% to 3.25%, the highest level since 2008.
