Inflation in Euro Area Slows Down - 14.6.2012

The European statistics agency, Eurostat, reported today that the annual inflation rate in the euro zone declined to 2.4% in May, down from 2.6%. Monthly data revealed that prices dropped by 0.1% last month, following a 0.5% increase in April. The report also showed that the highest annual inflation among euro member states was observed in Estonia (4.1%) and Malta (3.7%), while the lowest rates – in Greece (0.9%), Ireland (1.9%) and Spain (1.9%). The single currency is trading in a tight range against the dollar following the data reading – 1.2541-1.2588.