Brussels: Inflation rate in the eurozone declined last month to below the European Central Bank (ECB) target level of 2 percent, official data showed today.

According to Qatar News Agency, the inflation rate in the euro area dropped in May to 1.9 percent, down from 2.2 percent in April. Analysts had expected a decrease to only 2 percent.

Core inflation also fell to 2.3 percent in May, compared to 2.7 percent in April. Core inflation excludes volatile categories like food and energy.

According to Eurostat estimates, the continued decline in inflation over recent months gives monetary policymakers an opportunity to cut interest rates this month.

The ECB Governing Council, which oversees monetary policy, is scheduled to hold its regular meeting next Thursday, and the central bank has already cut interest rates over the course of six consecutive sessions.