Euro zone inflation rose to an estimated 3.2% in May, driven by surging energy prices. The print was in line with forecasts in a Reuters poll of economists. Energy costs represented the highest annual rate of inflation in May, according to the flash data, with prices rising by 10.9% — a slight rise from the euro zone's 10.8% energy price growth recorded the previous month. Services inflation rose to 3.5% from 3% in April, while food, alcohol and tobacco prices cooled to 2% from 2.4% the previous month. Inflation rates also varied drastically between individual markets. Germany, Europe's biggest economy, saw annual inflation fall to 2.7% in May from 2.9% in April. But Greece and Lithuania's annual inflation rates rose above 5% last month. In France, annual inflation rose from 2.5% in April to 2.8% in May. This is breaking news. Please refresh for updates.
Inflation hits 3.2% in the euro zone as Iran war pushes energy costs higher
Euro zone inflation rose to an estimated 3.2% in May, driven by surging energy prices. The print was in line with forecasts in a Reuters poll of economists. Energy costs represented the highest annual rate of inflation in May, according to the flash data, with prices rising by 10.9% — a slight rise from the euro zone's 10.8% energy price growth recorded the previous month. Services inflation rose to 3.5% from 3% in April, while food, alcohol and tobacco prices cooled to 2% from 2.4% the previous month. Inflation rates also varied drastically between individual markets. Germany, Europe's biggest economy, saw annual inflation fall to 2.7% in May from 2.9% in April. But Greece and Lithuania's annual inflation rates rose above 5% last month. In France, annual inflation rose from 2.5% in April to 2.8% in May. This is breaking news. Please refresh for updates.
