Economists polled by Reuters had forecast a 0.1 percentage point increase from April's headline figure of 2.4%.Core inflation, excluding the volatile effects of energy, food, alcohol and tobacco, increased to 2.9% from 2.7% in April. A Reuters poll of economists had projected a flat reading.
The data print comes with the European Central Bank widely expected to cut interest rates at its June 6 meeting, the first reduction since 2019. The ECB began its latest hiking cycle in July 2022, hauling rates out of negative territory to 4% at present.
Overall, the headline figure has cooled significantly from a peak of 10.6% in October 2022, languishing below 3% for the past eight straight months.
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