Eurozone inflation slows to 1.9% in May

Eurozone inflation slowed more than expected in May, reaching 1.9%, below the European Central Bank’s target of 2%.

Economists had forecast 2% inflation in May, compared to 2.2% the previous month, according to Reuters.

The slowdown in eurozone inflation paves the way for the European Central Bank to cut interest rates by 25 basis points, as widely expected, at its next meeting on Thursday.

Eurozone inflation held steady at 2.2% in April, defying expectations of a decline.