Reported by Consejeros Editorial Team
The rise in energy prices resulting from the war in the Middle East has driven up inflation in the Eurozone. In May, the Consumer Price Index (CPI) stood at 3.2%, up from 3% in April, according to preliminary estimates published by Eurostat, the statistical office of the European Union (EU). The figure, which is in line with expectations, puts further pressure on the European Central Bank (ECB) ahead of its meeting next week.
As a result, inflation in the eurozone has exceeded 3% for the first time in more than two and a half years and is also the highest level since September 2023.
Among the main components of inflation, energy prices rose by 10.9%, one-tenth of a percentage point more than in the previous month.
Furthermore, the price of services rose by 3.5%, compared with 3% in April; food, alcohol and tobacco increased by 2%, four tenths of a percentage point less; and non-energy industrial goods rose by 0.9%, one tenth of a percentage point more.
By country, the lowest annual rates were recorded in Malta (2.1%), Germany (2.7%) and France (2.8%). Conversely, the highest annual rates were recorded in Bulgaria (6.3%), Lithuania (5.1%) and Greece (5%).
Meanwhile, the core inflation rate, which excludes volatile food and energy prices, accelerated by three tenths of a percentage point in May, to 2.5%.
