Eurozone’s May CPI 0.0% m/m, as expected (last 0.6%); 6.1% yr/yr, as expected (last 7.0%).
May Core CPI 0.2% m/m, as expected (last 1.0%); 5.3% yr/yr, as expected (last 5.6%).
Q1 wages 4.6% yr/yr (expected 3.3%; last 5.0%) and Q1 Labor Cost Index 5.0% yr/yr (expected 3.3%; last 5.6%)
Italy’s May CPI 0.3% m/m, as expected (last 0.4%); 7.6% yr/yr, as expected (last 8.2%).
April EU trade deficit EUR920 mln (last deficit of EUR830 mln)
Several European Central Bank policymakers made hawkish comments, solidifying expectations for another 25-bps hike in July. Officials are reportedly split about the need for a follow-up hike in September.
French Finance Minister Le Maire said that EU members are looking to reform fiscal rules by the end of 2023.