Annual inflation in the Eurozone rose to 3.2 percent in May due to the increase in energy prices.
The European Statistical Office (Eurostat) announced the leading inflation data of the Eurozone for May.
Accordingly, annual inflation in the Eurozone, which was 3 percent in April, reached 3.2 percent in May. Thus, annual inflation in the Eurozone reached its highest level since September 2023.
Inflation was 0.1 percent on a monthly basis in May.
Market expectation was that inflation would be 3.2 percent on an annual basis in May.
In the Eurozone, core inflation was determined at 2.5 percent on an annual basis and 0.3 percent on a monthly basis in May.
Looking at the main components of inflation in the Eurozone in May, the highest annual price increase was in energy products with 10.9 percent. This was followed by services with 3.5 percent, food, alcohol and tobacco products with 2 percent, and non-energy industrial products with 0.9 percent.
Inflation was measured at 2.7 percent in Germany, 2.8 percent in France, 3.3 percent in Italy and 3.6 percent in Spain in May, compared to the same month last year.
On the other hand, the European Central Bank’s (ECB) Eurozone inflation target is 2 percent.
