New Inflation Figures Released in Europe; Bitcoin Reacts Indifferently
Eurozone core CPI was reported at 2.9% annually, meeting expectations. Meanwhile, Eurozone annual CPI remained steady at 2.6%. Despite these inflation data, Bitcoin’s price remained relatively unchanged, displaying a horizontal trajectory.
A year ago, the inflation rate was significantly higher at 6.1%. However, European Union annual inflation only rose slightly from 2.6% in April to 2.7% in May 2024. Eurostat, the statistical office of the European Union, published these figures.
Latvia, Finland, and Italy recorded the lowest annual inflation rates at 0.0%, 0.4%, and 0.8% respectively. On the other hand, Romania, Belgium, and Croatia boasted the highest annual rates at 5.8%, 4.9%, and 4.3% respectively. Compared to April, annual inflation decreased in eleven member states, remained stable in two, and increased in fourteen member states.
In terms of contributing factors to the euro area annual inflation rate in May, services had the largest impact (+1.83), followed by food, alcohol, and tobacco (+0.51), non-energy industrial goods (+0.18), and energy (+0.04 pp).
Please note that this information should not be taken as investment advice.