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Eurozone flash CPI eases to 6.1% y-o-y in May

  • Eurozone headline CPI eased to 6.1% year-on-year in May according to the flash estimate, from 7.0% in April and lower than the consensus forecast of 6.3% (although market expectations were probably a little lower than this given some of the soft national prints released over the past couple of days).
  • Headline CPI was 0.0% month-on-month.
  • Core CPI meanwhile eased to 5.3% year-on-year, from 5.6% in April, while registering growth of 0.2% month-on-month.
  • However, Eurozone unemployment remained at 6.5% in May, the same rate as in April and a record low.
  • Inflation coming in lower than expected will bring some relief to the ECB, although the tight labour market will remain a concern going into the next monetary policy meeting.

Source: MNI, Eurostat

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