Eurozone inflation dipped more than expected in May to 6.1%, in boost for ECB

Eurozone inflation fell more than expected in May on slowing food and declining energy prices, as underlying pressures also eased, welcome news for the European Central Bank which could be approaching the end of its tightening cycle.

The eurozone’s consumer price index increased 6.1% in May on year, tumbling from a 7.0% rise in April, preliminary data from the European Union’s statistics agency Eurostat showed Thursday, the lowest level since February 2022. The reading also came in below the 6.4% consensus forecast from economists…