Annual consumer price increases in the euro area rose slightly from 0.8% in January 1999 to 1.0% in May. This small increase is mainly due to the impact of higher oil prices.
Excluding seasonal food and energy, which are two of the more volatile components of the Harmonised Index of Consumer Prices (HICP), the rate of increase in consumer prices has continued to fall slightly in recent months, to stand at 0.9% in May.