Eurozone final CPI revised down to 0.3% MoM in May

Eurozone inflation arrives at 2.0% YoY in May.
Monthly CPI in the bloc rises by 0.3% in May.
EUR/USD keeps its recovery mode intact around 1.1950 on the data.

Dhwani Mehta FXStreet

According to Eurostat’s final reading of the Eurozone CPI report for May, the consumer prices came in at 2.0% on a yearly basis, meeting the flash estimate of 2.0% and 2.0% expectations. While the core figures rose to 1.0%, beating the 0.9% consensus forecasts.

On a monthly basis, the bloc’s CPI figure for May arrived at 0.3% versus 0.3% expectations and 0.6% previous while the core CPI numbers came in at 0.2% versus 0.2% expected and 0.2% last.

Key details (via Eurostat):

“The lowest annual rates were registered in Greece (-1.2%), Malta (0.2%) and Portugal (0.5%). The highest annual rates were recorded in Hungary (5.3%), Poland (4.6%) and Luxembourg (4.0%). Compared with April, annual inflation fell in four Member States, remained stable in one and rose in twenty-two. “

“In May, the highest contribution to the annual euro area inflation rate came from energy (+1.19 percentage points, pp), followed by services (+0.45 pp), non-energy industrial goods (+0.19 pp) and food, alcohol & tobacco (+0.15 pp).”

FX implications:

EUR/USD is recovering to near 1.1948, unfazed by mixed EZ CPI figures. The spot stages a rebound from two-month lows of 1.1937, shedding 0.37% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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