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mpc: 10 Consumption growth had bounced back in the euro area in Q1 and consumer confidence had crept up. However, retail sales had fallen back in May, following the sharp increase in April, so it was difficult to discern a clear trend in the data. Labour market conditions had continued to improve slowly, with the euro-area unemployment rate falling below 8% for the first time since 2001. The harmonised index of consumer prices (HICP) had increased by 2.5% in the year to May, up on the corresponding figure for April.