Brussels: The inflation rate in the euro area declined during the past month sharply. It reached its lowest level in 15 months, while the core inflation rate continued to decline for the second month in a row.
Eurostat said that inflation in May retreated to 6.1 percent, compared to 7 percent in April.
However, economists expected inflation to retreat to 6.3 percent. The inflation rate in the region, which includes 20 European Union countries, was the lowest since February 2022, when it recorded 5.9 percent.
While the ECB is nearing the end of its interest rate-hiking cycle, after 375 basis points of increases, two more quarter-point moves are expected this month and next.
