• Prior +3.3%
  • HICP +3.8% vs +3.7% y/y expected
  • Prior +3.4%

This is where the hard part begins for the ECB. The trend up until now has been falling inflation to allow for their first move in June. But in trying to get prices down from 3% to 2%, we'll have to wait until the latter stages of the year perhaps. Core annual inflation is seen rising in May, now at 3.0% and up from the 2.9% reading in April.