Inflation down in May, 0.5% in the euro area (- 0.2%)

Still low inflation in Europe, down by 0.2% in both the euro area and the EU28. According to Eurostat estimates, euro area annual inflation was 0.5% in May (0.7% in April), and European Union annual inflation was 0.6% (0.8% in April).

Strong deflation in Greece (-2.1%) and Bulgaria (-1,8%), and the Index of Consumer Prices was negative in Portugal (-0.3%) and Cyprus too (-0.1%). A “zero inflation” was recorded in Slovakia and Hungary (0%), while Italy was just below the European average (0.4%).

The largest downward impacts to euro area annual inflation came from fruit (-0.07 pp), vegetables (-0.13 pp), telecommunications (-0.11 pp) and energy (-0.7%)