Inflation was 3.3% in Greece in May, up from 2.6% in April, according to preliminary data from Eurostat.

The consumer price index in the Eurozone followed the opposite path, falling to 1.9% from 2.2% in April.

The rate’s decline to below the ECB’s target now paves the way for the central bank to make another 25 basis point rate cut at its next meeting on Thursday, June 5.