Euro area CPI

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Inflation in the euro area slowed but remained well above the European Central Bank’s 2% target. In its effort to tame inflation, the ECB raised its three key interest rates for the seventh consecutive time at its May 2023 meeting. The pace of policy tightening slowed from 50 bps to 25 bps, but further rate hikes are expected. On Tuesday, Governing Council member Gediminas Šimkus stated that he expects the ECB to increase rates by 25 bps in June and July.

Today, on the macroeconomic front, the focus was on the preliminary May inflation data in the euro area. According to Eurostat, the annual consumer price index (CPI) slowed to 6.1% in May 2023, from 7.0% in April. The headline inflation was below the market forecast of 6.3% and the lowest since February 2022. Core CPI also slowed to 5.3% in May 2023, the lowest since January 2023. Latvia (12.3%), Slovakia (12.3%) and Estonia (11.2%) were among the EU countries with the highest annual inflation rates. Luxembourg (2.0%) and Belgium (2.7%) registered the lowest rates. Prices declined for energy (-1,7%) and food, alcohol & tobacco (12.5%).

The newly published data showed an easing of inflationary pressure. All eyes will be on the ECB meeting on 15 June.

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UCapital Asset Management is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
UCapital Asset Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.

Registered Company number OC333807.

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Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original amount invested.

Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.

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Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original amount invested.

Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.

For further information, please read our Legal Documents.

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