Annual inflation in the euro area fell to 2.4 per cent in May from 2.6 per cent in April, according to the statistical office of the European Union.

Inflation across the European Union reached 2.6 per cent, down from 2.7 per cent the month before. The figure was also down on the 3.2 per cent recorded in May last year.

At 0.9 per cent, the lowest annual rates were observed in Greece and Sweden, followed by Bulgaria at 1.8 per cent. Conversely, the highest rates were experienced in Hungary, at 5.4 per cent, Estonia at 4.1 per cent, and Cyprus and Malta which both registered annual inflation of 3.7 per cent.

Compared with April 2012, annual inflation fell in twenty Member States, remained stable in three and rose in three.

Eurostat said that the main components with the highest annual rates in May were alcohol and tobacco at 4.7 per cent, while the lowest annual rates were observed for communications on -3.3 per cent.

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