Eurozone Inflation May 2019


Eurozone: Inflation recedes in May

June 18, 2019

Complete data confirmed harmonized inflation came in at 1.2% in May, down from April’s 1.7% and matching the preliminary estimate. Inflation now sits further below the European Central Bank’s target rate of near, but under, 2.0%. Lower price pressures for energy and services largely drove May’s drop.

Annual average harmonized inflation was unchanged at April’s 1.8% in May. Core inflation, however, dropped to 1.0% in May, from April’s 1.4%. On a monthly basis, harmonized consumer prices rose 1.0% in May, a smaller increase then April’s 0.7%.

Among the countries in the common-currency bloc, Portugal (0.3%) and Cyprus (0.2%) recorded the lowest inflation in May. On the flipside, Latvia (3.5%) and Estonia (3.1%) experienced the highest price pressures. Regarding the largest economies in the Eurozone, inflation fell across-the-board in the largest economies.

FocusEconomics Consensus Forecast participants see inflation in the Euro area averaging 1.4% in 2019. For 2020, panelists expect inflation to average 1.5%.

Author: Angela Bouzanis, Lead Economist

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Eurozone Inflation Chart

Euro Area Inflation May 2019

Note: Year-on-year and month-on-month var. of harmonized consumer price index (HICP) in %.
Source: Eurostat

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