According to the latest report of the Eurostat statistical office in Luxembourg, the inflation rate in the Eurozone decline from 7% in April to 6.1% in May.
After a slight increase in April, economists had forecasted rate of 6.3%. Compared to last year with double digit inflation rates due to Ukrainian war, the prices were more or less stable.
Consumers had to pay a bit less for foods and luxury goods, whereas the increase of 12.5% was still heavy. The prices for industrially manufactured goods and services also increased less strongly than in April and energy prices even declines by 1.7% compared to previous year month.
The European Central Bank (ECB) has set the inflation goal at 2% in medium term which will not be reached at the moment. In order to fight further price increases , the bank has already risen base rates and will do the same in the next meeting.