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Inflation in the euro area is steadily declining thanks to falling energy prices. In June, consumer prices rose by just 5.5 percent year-on-year, according to an initial estimate from the statistics office Eurostat on Friday. Economists had expected 5.6 percent. In May, inflation was still 6.1 percent, after 7.0 percent in April. Despite the decline, the wave of inflation in the 20-country community has not yet broken. The core rate, which excludes, among other things, the volatile energy and food prices as well as alcohol and tobacco, rose slightly in June to 5.4 percent from 5.3 percent in May. This is considered an important indicator for the underlying inflation trends.