With three central bank rate decisions looming in the next couple of weeks, options traders are betting on one last pop in volatility before the summertime swoon sets in.

Inflation ticked up to an annual 2.6% in Europe in May. The new figure released on Friday is more than expected as a painful spike in consumer prices takes its time to fade away.

Inflation spiked into double digits in Europe after Russia cut off most pipeline supplies of natural gas over its full-scale invasion of Ukraine.

Inflation in Europe has ticked up for the first time in five months, casting doubt on the possibility of a steady stream of interest rate cuts by the European Central Bank over the next few months.

Inflation ticked up to an annual 2.6% in Europe in May, according to official figures Friday. That's more than expected as a painful spike in consumer prices takes its time to fade away. It's unlikely to stop the European Central Bank from making a first interest rate cut next week -- and moving ahead of the U.

The inflation rate in the Euro Area increased to 2.6% in May from 2.4% in April. On a monthly basis, the Consumer Price Index in the Euro Area increased 0.2% in May. Core consumer prices increased 2.9% in May over the same month in the previous year.