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Inflation in eurozone hits a four year low

Credit: Belga

Inflation in the eurozone dropped to almost zero in May, according to recent data from Eurostat.

Inflation is the extent to which consumer products have increased in price over the last year.

In May 2020, there was 0.1% inflation, which is the lowest it’s been since June 2016 according to Eurostat. Comparatively, at the same time a year before, inflation was at 1.2%.

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“The lowest annual rates were registered in Estonia (-1.8%), Luxembourg (-1.6%), Cyprus and Slovenia (both -1.4%),” according to Eurostat. Belgium saw a -0.2% inflation rate.

The sharp drop in energy prices is the main reason for this low inflation, as energy products became, on average, 12% cheaper compared to last year.

The eurozone’s core inflation, which omits energy, food, alcohol and tobacco, was 0.9% in May.

Jason Spinks
The Brussels Times