Germany's May preliminary CPI printed 2.6%, 30 basis points below consensus, as the energy component slowed to 6.6% from 10.1%. June is locked in; the question is whether the energy impulse Schnabel needs to justify September is already fading.
Eurostat's final reading shows euro area inflation at 3.0% in April 2026, with Romania recording the highest rate at 9.5%. Source
