Inflation in Greece fell to 4.1% in May on an annual basis, from 4.5% in April, according to the harmonised index of the European Statistical Service (Eurostat). In the Eurozone, the consumer price index (CPI) fell to 6.1% in May, from 7% in April.

Looking at the main components of inflation, food, alcohol, and tobacco show the highest rate of price increase in May (12.5%, compared to 13.5% in April). This was followed by non-energy industrial goods (5.8%, vs. 6.2% in April), services (5.0%, vs. 5.2% in April), and energy (-1.7%, vs. 2, 4% in April).

Core inflation, excluding energy and food, also fell more than expected to 5.3% from 5.6%.

The European Central Bank meets on June 15 to reach its latest monetary policy decision after gradually raising its key interest rate from -0.5% a year ago to 3.25% in May – the highest level since November 2008.

The ECB issued no future guidance after the May meeting but stressed that underlying price pressures remain strong. Bundesbank President Joachim Nagel said last week he expected “several” more hikes to control inflation.