FX.co ★ Euro Zone Core CPI ex Tobacco Nearly Stalls in May, Slowing Sharply from April

Euro zone inflation excluding tobacco almost ground to a halt in May 2026, with the month-over-month measure rising just 0.1%, according to data updated on 17 June 2026. The reading marks a sharp slowdown from April 2026, when the same indicator increased by 1.0% compared with March.

The May figure indicates a significant loss of momentum in underlying price pressures, as measured by the CPI ex tobacco on a month-over-month basis. The comparison framework shows that while April registered a strong jump versus the previous month, the latest data suggests inflationary forces eased markedly heading into early summer in the single-currency area.