European inflation data has finally been released, and Bitcoin, the world’s leading cryptocurrency, has responded accordingly. Eurozone core CPI stands at 2.9% annually, in line with expectations and previous figures. The annual CPI for the Eurozone is reported at 2.6%, also meeting estimates and matching the previous rate.
Despite a decrease in Bitcoin’s price earlier today, it has since stabilized and is trading flat in response to the inflation data. A year ago, the inflation rate was significantly higher at 6.1%. In May 2024, the European Union’s annual inflation rose to 2.7% from 2.6% in April. This is a notable improvement from the 7.1% rate recorded a year ago. These statistics were released by Eurostat, the statistical office of the European Union.
The lowest annual inflation rates were recorded in Latvia (0.0%), Finland (0.4%), and Italy (0.8%), while the highest rates were observed in Romania (5.8%), Belgium (4.9%), and Croatia (4.3%). When compared to April, eleven member states saw a decrease in annual inflation, two remained stable, and fourteen experienced an increase.
During May, services made the highest contribution to the euro area’s annual inflation rate (+1.83), followed by food, alcohol, and tobacco (+0.51), non-energy industrial goods (+0.18), and energy (+0.04 pp).
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