The Euro zone registered an inflation rate of 0.0% in May compared to the similar period, last year, marking its lowest level in history, European Statistics Institute informed on Tuesday, quoted by AFP. The institute confirmed the first published estimation in late May.
In April, the inflation rate was 0.6% and economists estimate that the inflation will register a negative trend in the upcoming months, mainly due to price cuts in energy which reached a record level in the summer of 2008 and lead to an inflation rate of 4%.
Six Euro zone countries registered a negative inflation rate already:
- France (-0,3%)
- Spain (-0,9%)
- Belgium (-0,2%)
- Ireland (-1,7%)
- Luxembourg (-0,9%)
- Portugal (-1,2%).
Overall, at the level of the Union, the inflation rate reached 0.7% in May compared to 1.3% in April. Romania registered the highest rate with 5.9%, followed by Lithuania with 4.9% and Latvia with 4.4%.