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Euro zone CPI rises in line with expectations in May

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Forex Pros - Consumer price inflation in the euro zone rose broadly in line with expectations in May, official data showed on Thursday.

In a report, Eurostat said consumer price inflation rose by a seasonally adjusted 2.7% in May, unchanged from a preliminary estimate.

Core CPI, which excludes food, energy, alcohol, and tobacco costs, eased unexpectedly in May, increasing by a seasonally adjusted 1.5%. Analysts had expected core CPI to remain unchanged from a preliminary reading of 1.6%.

Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD shedding 0.32% to trade at 1.4133.

Meanwhile, European stock markets were broadly lower. The EURO STOXX 50 dropped 0.75%, France's CAC 40 tumbled 1%, the FTSE 100 declined 0.9%, while Germany's DAX fell 0.7%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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