Eurostat released its consumer price inflation data for the Eurozone on Tuesday. The preliminary consumer price inflation in the Eurozone rose to an annual rate of 0.3% in May from 0.0% in April, exceeding expectations for a 0.2% gain. It was the first positive reading since November 2014.

The increase was driven by ECB's quantitative easing programme.

The preliminary consumer price inflation excluding food, energy, alcohol, and tobacco increased to an annual rate of 0.9% in May from 0.6% in April, beating expectations for a decline to 0.1%.

Food, alcohol and tobacco prices were up 1.2% in May, non-energy industrial goods prices gained 0.3%, and services prices climbed 1.3%, while energy prices dropped 5.0%.