Eurozone inflation in May is 8.1 higher y/y

Prices in the eurozone rose by an average of 8.1 percent in May compared to a year earlier. This was reported by the European statistical office Eurostat in a preliminary estimate. In April, inflation was still 7.4 percent.

Inflation is mainly driven by high energy and food prices, according to Eurostat. Because of the war in Ukraine, these prices have risen sharply. But other goods and services also became more expensive. On a monthly basis, consumer prices in the euro area rose by 0.8 per cent.

In the nineteen euro area countries, according to Eurostat’s harmonised European method of measurement, the highest inflation was measured in Estonia (20.1 percent), followed by Lithuania and Latvia. Dutch inflation was 10.2 percent. In Malta, it was the lowest at 5.6 per cent on an annual basis.