Eurozone Inflation Still Negative

Eurozone inflation remained in negative territory in May, the Eurostat statistics agency said Tuesday in a first estimate.

Consumer prices fell 0.1 percent in May after slipping 0.2 in April, the agency said.

The figures were in line with analysts' forecasts compiled by data provider Factset.

Energy prices were the main downward drag on headline inflation, falling by 8.1 percent after a 8.7-percent April drop.

Core inflation, which excludes products with the most volatile price movements, meanwhile edged up.

Once energy, food, alcoholic beverages and tobacco were stripped out, inflation came in at 0.8 percent in May, up from 0.7 a month earlier.