Weekly Economic and Financial Commentary – June 01, 2020
The depressed energy prices continue to move the inflationary trend in the Euro area closer to deflation. Preliminary data released by Eurostat last week showed the inflation rate moderated to 0.1% YoY in the Euro area in May compared to 0.3% YoY in April.
The moderation in May (as in the last three months) emanated largely from the energy sub index which declined 12.0% YoY, to neuter increases in prices of food, alcohol & tobacco (+3.3% YoY), services (+1.3% YoY) and non-energy industrial goods (+0.2% YoY).
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