The Consumer Price Index (CPI) for the euro zone met expectations and reached a new record in May’s year-on-year reading, reaching 8.1%seven tenths above the 7.4% registered in March and April.
According to Eurostat, the statistical office of the European Union, annual inflation in the EU was 8.8% in May 2022, compared to 8.1% in April.
The lowest annual rates were recorded in France, Malta (both with 5.8%) and Finland (7.1%). The highest annual rates were recorded in Estonia (20.1%), Lithuania (18.5%) and Latvia (16.8%). Compared to April, annual inflation decreased in one member state and increased in twenty-six.
In May, the largest contribution to the annual inflation rate in the euro zone came from energy (+3.87 percentage points, pp), followed by food, alcohol and tobacco (+1.59 pp), services (+1.46 pp) and non-energy industrial goods (+1.13 pp).
Eurozone monthly inflation rose from 0.6% in April to 0.8% in May, as expected.
Source: Fx Street
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