Composite PMI fell to an 18-month low of 48.5 in May as energy-driven inflation hit 3.2%, pushing the ECB toward a June 11 rate hike into a shrinking services economy. September is the real decision, and the ECB has historically struggled to make it.
Eurozone inflation rose to 3.2% in May, the highest in more than two and a half years, with services and energy components accelerating. Source
