Spanish inflation eased slightly in May, according to the harmonised European Union measure, released yesterday. Consumer price inflation (HICP) came in at 3.4 per cent, down from 3.5 per cent the previous month. Meanwhile, Belgian consumer price inflation held steady at 3.4 per cent. “Given further increases in food and core inflation, in combination with oil price base effects, inflation is set to increase further in the coming months and reach a peak of just below four per cent,” said Steven Vanneste of BNP Paribas. Today the European Union releases a “flash” estimate of inflation across the Eurozone area.