The Euro Zone’s core inflation, measured by the Harmonised Index of Consumer Prices excluding energy and food (HICP ex Energy and Food), slowed markedly in May 2026 on a month-over-month basis. The indicator eased to 0.3% in May, down from 0.8% previously, according to data updated on 17 June 2026.
Both the current and previous readings refer to May 2026 but capture different comparison periods. The latest 0.3% figure reflects the change in prices between May and the preceding month, while the earlier 0.8% reading indicated how prices moved in the prior month relative to the month before that. This shift points to a notable cooling in underlying price momentum across the euro area.
The softer core inflation print signals that underlying price pressures, once food and energy are stripped out, are moderating on a short-term basis, an aspect closely watched by investors and policymakers assessing the trajectory of inflation in the Euro Zone.
