Euro zone inflation increased to 2.6% in May from 2.4% in April, according to a flash reading from the European Union's statistics agency.
Economists polled by Reuters had forecast a 0.1 percentage point increase from April's headline figure of 2.4%. The data comes with the ECB widely expected to cut interest rates at its June 6 meeting, the first reduction since 2019. The central bank for the 20-nation euro area began its latest hiking cycle in July 2022, hauling rates out of negative territory to 4% at present.
While headline inflation increased in May, fluctuations in the rate have been forecast over the coming months due to base effects from the energy market and the unwinding of government fiscal support schemes across the bloc.
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