Europe sees inflation drop to 6.1%, but real relief for consumers will take months
The Hindu
Europe’s inflation took a positive turn with a significant drop to 6.1%, but prices are still posing a pinch to shoppers who are yet to see real relief in what they pay for food and other necessities.
Frankfurt
Europe's inflation took a positive turn with a significant drop to 6.1%, but prices are still posing a pinch to shoppers who are yet to see real relief in what they pay for food and other necessities.
The annual figure in May eased from 7% in April for the 20 countries that use the euro currency, the European Union's statistical agency Eurostat said June 1.
It was a welcome sign that the explosion in price increases — which peaked in record double digits last October — is heading in the right direction.
But economists warned that it will be many months before disgruntled consumers see more normal levels of inflation reflected on price tags in shops. While prices are rising more slowly, they are coming on top of already-high costs triggered by Russia's war in Ukraine and other factors.
Also read | Inflation hits new record in Europe, slowing economy
Relief is far off for people like 76-year-old Brigitte Weinbeck, who was shopping this week at an open-air market in Cologne, Germany.
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