Eurozone May Inflation Was as Expected, Monthly Slightly Softer
The consumer price index in the 17-member Euro bloc rose 2.4% between May 2011 and May 2012, the EU stats bureau in Brussels said today. The rise was in line with expectations. Inflation dropped 0.1% on the month, slightly stronger than the 0.2% expected drop.
The data underscored the growth issues affecting Europe and the continent struggles with a far-reaching debt crisis. Inflation continues to remain a secondary concern during a period of economic contraction, but the European Central Bank has remained mum on the topic of expanding its LTRO bank refinancing operation.
The Euro didn’t react in a meaningful way to today’s as-expected data set. The single currency traded within a tight range after coming up strong against the US Dollar in yesterday’s trading.
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