According to the European Statistical Authority, inflation stood at 2.6% last month, down from 3.1% in March of this year. In the eurozone, it is estimated to have declined to 1.9% year-on-year, from 2.2% in April.
Core inflation, which excludes energy and unprocessed food, dropped to 2.4% year-on-year, down from 2.7% in April.
In France, inflation fell to levels last seen in 2020, dropping below the European Central Bank’s 2% target. Energy prices collapsed, and consumer prices rose by just 0.6% year-on-year in May. In Germany, the index declined further in May, though by less than analysts had forecast, reaching 2.1% year-on-year.
