• Prior +2.2%
• CPI (HICP) M/M -0.1% vs +0.0% expected
• Prior +0.6%
• Core CPI Y/Y +2.1% vs +2.4% prior

Slight miss. This development is mainly due to the decrease in leisure and culture prices, compared with the rise in May 2024. Also influential, although to a lesser extent, was the fall in transport, which was greater than in May of last year, and the fact that the rise in electricity was lower than in the same month of the previous year.

There’s nothing here that will change the ECB plans.

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