Forexpros – Consumer price inflation in the euro zone held steady in May, unchanged from a preliminary estimate, official data showed on Thursday.

In a report, Eurostat said consumer price inflation held steady at 2.4% in May, unchanged from the previous month and in line with market expectations.

The rate remains above the European Central Bank’s target of near but just below 2%.

Month-on-month, CPI declined 0.1%, compared to expectations for a 0.2% decrease, after rising by 0.5% in April.

Core CPI, which excludes food, energy, alcohol, and tobacco costs was also unchanged, holding steady at a seasonally adjusted 1.6%, in line with expectations.

Following the release of the data, the euro remained modestly lower against the U.S. dollar, with EUR/USD easing down 0.07% to trade at 1.2549.

Meanwhile, European stock markets remained broadly lower. The EURO STOXX 50 fell 0.8%, France’s CAC 40 dropped 1%, Germany’s DAX slumped 0.9%, while London’s FTSE 100 sank 0.95%.