Eurozone Preliminary CPI accelerates to 2% YoY in May, beats estimates

Dhwani Mehta FXStreet

According to Eurostat’s preliminary reading of the Eurozone CPI report, the annual figure came in at 2% in May, outpacing expectations of 1.9% while accelerating from April’s 1.6%.

The core figures steadied at 0.9% YoY in May when compared to 0.9% expectations and 0.7% booked in April.

Key details (via Eurostat)

“Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in May (13.1%, compared with 10.4% in April), followed by services (1.1%, compared with 0.9% in April), non-energy industrial goods (0.7%, compared with 0.4% in April) and food, alcohol & tobacco (0.6%, stable compared with April).”

EUR/USD reaction

EUR/USD keeps its recovery mode intact on the Eurozone economic data, currently trading around 1.2232, up 0.07% 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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