Eurozone headline inflation accelerated in May in line with estimates, supporting the European Central Bank's move to raise its projection for consumer prices despite a weaker outlook for growth.

Annual inflation came in at 1.9%, as initially forecast, compared with a revised 1.3% in April, according to final data from Eurostat.

On a monthly basis, headline prices rose by 0.5% in May.

Core inflation, which excludes energy, food, alcohol and tobacco, advanced to 1.1% on an annual basis from 0.8%.

The euro was up 0.23% to $1.1595 as of 10:15 a.m. in London.

Energy prices rose 6.1% in May following a 2.6% increase in the prior month, while services inflation rose to 1.6% from 1.0%.

The ECB on June 14 raised its 2018 and 2019 inflation forecasts to 1.7% from 1.4%, but lowered its growth outlook for 2018 to 2.1% from 2.4%.