Eurozone Inflation Lowest Since 2016

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Eurozone inflation eased to the lowest level in nearly four years in May driven by a sharp fall in energy prices, data from Eurostat showed Friday.

Inflation slowed to 0.1 percent from 0.3 percent in April. This was the lowest since June 2016, when prices remained unchanged. The May inflation rate came in line with expectations.

Headline inflation remained well below the European Central Bank’s target of “below, but close to 2 percent.”

On a monthly basis, consumer prices edged down 0.1 percent in May.

Excluding food, alcohol and tobacco, core inflation held steady at 0.9 percent in May.

Data showed that energy prices plunged 12 percent in May. Food, alcohol and tobacco costs advanced 3.3 percent and services cost gained 1.3 percent. Non-energy industrial goods prices rose only 0.2 percent.

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