Eurostat released its consumer price inflation data for the Eurozone on Tuesday. The preliminary consumer price inflation in the Eurozone rose to -0.1% year-on-year in May from -0.2 % in April, in line with expectations.

The preliminary consumer price inflation excluding food, energy, alcohol, and tobacco increased to an annual rate of 0.8% in May from 0.7% in April, in line with expectations.

Food, alcohol and tobacco prices were up 0.8% in May, non-energy industrial goods prices gained 0.5%, and services prices climbed 1.0%, while energy prices dropped 8.1%.