The annual rate of inflation as measured by the Harmonised Index of Consumer Price (HICP) was 0.2% in May, up from 0.1% in April, according to the National Statistics Office.

This was the second lowest rate registered in the EU area, following that in Greece (-1.3%). Compared with April, annual inflation fell in four member states, remained stable in one and rose in 22, according to Eurostat.

The NSO said the 12-month moving average rate for May stood at 0.4%.

The largest upward impact on annual inflation was measured in the education index (+0.29 percentage points), while the largest downward impact was recorded in the restaurants and hotels index (-0.7 percentage points).

The HICP measures monthly price changes in the cost of purchasing a representative basket of consumer goods and services. It is calculated according to rules specified in a series of European Union regulations developed by Eurostat in conjunction with EU states. 

It is used to compare inflation rates across the EU. A closely related measure of price movements is the Retail Price Index.

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