FX.co ★ Euro Zone Core Inflation Momentum Cools Sharply in May

The Euro Zone’s core inflation, measured by the Harmonised Index of Consumer Prices excluding energy and food (HICP ex Energy and Food), slowed markedly in May 2026 on a month-over-month basis. The indicator eased to 0.3% in May, down from 0.8% previously, according to data updated on 17 June 2026.

Both the current and previous readings refer to May 2026 but capture different comparison periods. The latest 0.3% figure reflects the change in prices between May and the preceding month, while the earlier 0.8% reading indicated how prices moved in the prior month relative to the month before that. This shift points to a notable cooling in underlying price momentum across the euro area.

The softer core inflation print signals that underlying price pressures, once food and energy are stripped out, are moderating on a short-term basis, an aspect closely watched by investors and policymakers assessing the trajectory of inflation in the Euro Zone.