Eurozone annual inflation down to 0.5% in May

The eurozone's annual inflation rate is expected to drop to 0.5 percent in May, from 0.7 percent in April, European Union (EU) statistics office Eurostat said on Tuesday.
The figure was well below the European Central Bank's target of 2 percent.
Looking at the main components of eurozone inflation, services is expected to have the highest annual rate in May followed by food, alcohol and tobacco, non-energy industrial goods and energy.
The latest figure put more pressure on the European Central Bank (ECB) to act more easing monetary policy to tackle deflation potential in the common currency area.
The ECB is keeping benchmark interest rate at the historically low level of 0.25 percent. The ECB will hold a meeting on Thursday.