Flash estimate – May 2009<br>Euro area inflation estimated at 0.0%

STAT/09/78
29 May 2009

Flash estimate – May 2009
Euro area inflation estimated at 0.0%

Euro area¹ annual inflation² is expected to be 0.0% in May 2009 according to a flash estimate issued by Eurostat, the Statistical Office of the European Communities. It was 0.6% in April³.

Computation of flash estimates

Euro area inflation is measured by the Monetary Union Index of Consumer Prices (MUICP). To compute the MUICP flash estimates, Eurostat uses early price information relating to the reference month from Member States for which data are available⁴ as well as early information about energy prices.

The flash estimation procedure for the MUICP combines historical information with partial information on price developments in the most recent months to give a total index for the euro area. No detailed breakdown is available. Experience has shown the procedure to be reliable (18 times exactly anticipating the inflation rate and 6 times differing by 0.1 over the last two years). Further information can be found in Eurostat News Release 113/2001 of
5 November 2001.

Scheduled publication dates

1. The Member States of the euro area are Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
2. Annual inflation is the price change between the current month and the same month of the previous year.
3. See News Release 69/2009 of 15 May 2009.
4. The MUICP flash estimate usually includes early price information representing approximately 95% of the euro area total consumption expenditure weight (see News Release 53/2006 of 28 April 2006).

Eurostat News Releases on the Internet: http://ec.europa.eu/eurostat
Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators