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Reporting on key macro data at the time of release.
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MAY FINAL HICP +0.3% M/M, +2.0% Y/Y; APR +1.6% Y/Y
MAY FINAL CORE HICP +0.2% M/M; +1.0% Y/Y; APR +0.7% Y/Y
- Headline EZ inflation rose further in May by 0.4pp to 2.0%, confirming the flash estimate and coming in line with market expectations.
- This marks the first reading above the ECB's current 'close to but below' 2% target and the highest level since October 2018.
- Core inflation ticked up to 1.0% in May, after dropping to 0.7% in Apr and showing the highest level since Feb 2021.
- Energy inflation was again the main driver of the uptick in HICP, rising by 13.1% y/y and adding 1.19pp to price growth.
- Food, alcohol and tobacco prices slowed further to 0.5% in May, down from 0.6% recorded in Apr, while service inflation ticked up to 1.1%, showing a two-month high.
- Prices for non-energy industrial goods edged higher to 0.7%, marking the second successive increase.
- Among the member states, the highest annual rates have been recorded in Luxembourg (+4.0%), Lithuania (+3.5%) and Estonia (+3.2%), while the Greece (-1.2%), Malta (+0.2%) and Portugal (+0.5%) saw the lowest inflation rates.