Annual inflation in the Eurozone rose to 3.2 percent in May due to the increase in services and energy costs.
The European Statistical Office (Eurostat) announced the final inflation data of the Eurozone and the European Union (EU) for May.
Accordingly, annual inflation in the Eurozone, which was 3 percent in April, increased to 3.2 percent in May. 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 and 0.1 percent on a monthly basis last month.
In the Eurozone, core inflation in May was measured at 2.6 percent on an annual basis and 0.3 percent on a monthly basis.
The increase in inflation in May was largely due to the rise in service sector and energy product prices.
In the EU, annual inflation was 3.3 percent in May, while monthly inflation was determined at 0.1 percent.
Inflation was 2.7 percent in Germany, 2.8 percent in France, 3.2 percent in Italy and 3.6 percent in Spain in May compared to the same month last year.
