Breaking down the components, services inflation remained the highest at 4.1%, unchanged from May. Food, alcohol, and tobacco inflation dipped marginally to 2.5% from 2.6%, while non-energy industrial goods held steady at 0.7%. Energy inflation edged down to 0.2% from 0.3%, reflecting ongoing stabilization in energy prices.
Employment Data
The euro area unemployment rate for May 2024 was stable at 6.4%, unchanged from April 2024 and slightly lower than the 6.5% recorded in May 2023. In the broader EU, the unemployment rate also remained constant at 6.0%, matching the figures from both April 2024 and May 2023. Eurostat reported that 11.078 million people were unemployed in the euro area, an increase of 38,000 from April 2024 but only 3,000 higher than in May 2023.
Forecasts vs. Actual Data
The forecast for overall inflation was accurate, showing a minor reduction in inflationary pressures. However,…
Read More
