# Euro zone May inflation confirmed at 6.1% yr/yr, core eases
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-06-16
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Euro zone May inflation at 6.1% yr/yr, core eases
Meta Description: Stay informed on the latest Euro zone inflation data. Discover the main drivers of inflation and the impact on interest rates.
URL: https://financedigest.com/euro-zone-may-inflation-confirmed-at-6-1-yr-yr-core-easeshtml

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# Euro zone May inflation confirmed at 6.1% yr/yr, core eases

BRUSSELS (Reuters) – Euro zone consumer inflation sharply decelerated in May, the European Union’s statistics office confirmed on Friday, with the core price growth measure, watched closely by the central bank, also slowing.

Eurostat confirmed its earlier estimates that consumer in the 20 countries did not change at all month-on-month in May resulting in a 6.1% rise year-on-year, down from 7.0% year-on-year in April.

The contribution from energy prices, long the main driving force of inflation, was negative in May at 0.09 points and the main driver became the cost of food, alcohol and tobacco which added 2.54 points to the final figure.

The second biggest contributor was the rising prices of services, adding 2.15 points, with industrial goods adding another 1.51 points.

The European [Central Bank](https://www.financedigest.com/central-bank-of-armenia-choses-intellects-quantum-central-banking-platform-for-its-digital-transformation.html "Central Bank of Armenia choses Intellect’s Quantum Central Banking Platform for its Digital transformation") wants to keep inflation at 2 percent over the medium term and has been raising interest rates quickly since the middle of last year to curb inflation.

The ECB raised interest rates again on Thursday to a 22-year high of 3.50% and said it would move again in July, [continuing what has been the fastest pace of monetary tightening in the bank’s quarter](https://www.financedigest.com/lisk-foundation-continues-transparency-model-releases-quarterly-financial-report.html "Lisk Foundation Continues Transparency Model, Releases Quarterly Financial Report") century existence.

(Reporting by Jan Strupczewski)


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