Inflation Ticks Up in the Eurozone
Inflation Ticks Up in the Eurozone
Eurozone Inflation Increases in May
Annual Inflation Rate Accelerates
The annual inflation rate in the Eurozone rose to 2.6% in May, up from 2.4% in April, primarily due to higher costs of services and food.
Core Inflation Also Rises
Excluding volatile items like food and energy, core inflation increased to 2.9% in May from 2.7% in April, surpassing economists' expectations.
Challenges for European Central Bank
This uptick in inflation, the first of the year, underscores the challenges the European Central Bank faces in achieving its target inflation rate of 2%.
Impact on Major Economies
Germany, France, and Spain, three of the Eurozone's largest economies, all experienced an acceleration in annual inflation rates during May.
What was the inflation rate in the eurozone in May?
The inflation rate in the eurozone in May was 2.6 percent, as consumer prices rose 2.6 percent in the year through May, compared with 2.4 percent in April. This marks the first increase in the annual inflation rate since December 2023.
How does the inflation rate for May compare to that of April?
The inflation rate for May was slightly higher than in April. In the eurozone, consumer prices rose by 2.6% in the year through May, compared to a 2.4% increase in April. Additionally, core inflation, which excludes volatile food and energy prices, also increased to 2.9% in May from 2.7% in April. This uptick in overall and core inflation in May highlights the challenges faced by policymakers at the European Central Bank in their efforts to bring inflation down to their 2% target.