The European Union's statistics agency released its latest inflation figures Thursday.
The euro zone's annual headline inflation rate fell to 6.1% in May from 7% in April, below the 6.3% predicted in a Reuters poll of economists.Investors still see the ECB carrying out two more interest rate hikes in its upcoming meetings as it seeks to cool inflation to its 2% target.
This is the lowest level since February 2022. Economists polled by Reuters had expected a May reading of 6.3%.Annual inflation in Germany and France dropped more than forecast in May, according to data released on Wednesday, as prices dipped on the previous month. Price rises in the euro area's largest economies are now at 12-month lows.
The ECB meets on June 15 to make its latest monetary policy decision after gradually hauling its benchmark rate from -0.5% a year ago to 3.25% in May — its highest level since November 2008.underlying price pressures remained strong. "At the same time, we need to carefully assess the strength of monetary policy transmission to financing conditions, the economy and inflation."
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