| Consensus | Consensus Range | Actual | Previous | |
| Month over Month | 0.1% | 0.1% to 0.1% | 0.1% | 0.1% |
| Year over Year | 2.4% | 2.4% to 2.4% | 2.4% | 2.4% |
| HICP - M/M | 0.1% | 0.1% to 0.1% | 0.1% | 0.1% |
| HICP - Y/Y | 2.8% | 2.8% to 2.8% | 2.8% | 2.8% |
Highlights
Consumer prices rose 0.1 percent in May, and 2.4 percent on the year led by sharp increases for energy prices. The results match the preliminary estimate and the median of an Econoday survey of economists' forecasts.
Energy prices rose 0.6 percent month-on-month and were 16.6 percent higher than their May 2025 level. Within the sector, petroleum prices fell 1.9 percent month-on-month but were 31.1 percent above year-ago levels.
Other major categories didn't see the same degree of price changes as the energy sector. This is reflected in the core inflation measure which rose 0.3 percent on the month and 1.5 percent on the year.
The Harmonized Index of Consumer Prices which uses the same methodology across European economics rose 0.1 percent from April and 2.8 percent from a year ago, also matching the preliminary estimates and the Econoday median forecast.
There is no getting around the fact that energy prices are, and will continue to remain elevated as the conflict in the Middle East is now well into its fourth month. The European Central Bank raised interest rates in response, and the question is how much higher will they go.
Market Consensus Before Announcement
The consensus sees no revision in the final from the flash with CPI up 0.1 percent on the month and up 2.4 percent on year.