Eurozone May preliminary CPI +6.1% vs +6.3% y/y expected | Forexlive

• Prior +7.0%
• Core CPI +5.3% vs +5.5% y/y expected
• Prior +5.6%

Euro area inflation drops by more than estimated (for both the headline and core readings) and that is a welcome relief for the ECB at least. Keep in mind though, that this is just one reading and it will take many more months of a similar trend to really convince policymakers that things have turned the corner. But at least for now, there is some hopeful optimism.