[European inflation data released: This is Bitcoin’s reaction]
The euro zone's core consumer price index (CPI) held steady at an annual rate of 2.9% (2.9% expected, 2.9% last), while annual CPI was also stable at 2.6% (2.6% expected, 2.6% last). Bitcoin prices reacted mutedly to the news after today's decline, remaining sideways.
A year ago, inflation in the eurozone was 6.1%. The European Union's annual inflation rate increased to 2.7% in May 2024 from 2.6% in April, according to Eurostat. A year ago, the figure was 7.1%.
The lowest annual inflation rates were recorded in Latvia (0.0%), Finland (0.4%) and Italy (0.8%). The highest annual inflation rates were recorded in Romania (5.8%), Belgium (4.9%) and Croatia (4.3%). Compared with April, annual inflation fell in 11 member countries in May, remained stable in 2 and increased in 14 member states.
In May, the largest contributor to the euro area's annual inflation rate was services (+1.83), followed by food, alcohol and tobacco (+0.51), non-energy industrial goods (+0.18) and energy (+0.04).
