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Inflation in the eurozone accelerated to 2.6% in May


May, 31 2024
watermark Economic news

According to preliminary data from Eurostat, in May 2024, consumer prices in the eurozone increased by 2.6% year-on-year. Thus, inflation accelerated compared to April, when it was 2.4% and reached its lowest level since November last year. Analysts had expected inflation to accelerate to 2.5%.


The growth in the cost of services accelerated to 4.1% compared with 3.7% in April. At the same time, the increase in prices for food, alcohol and tobacco products slowed to 2.6% from 2.8% a month earlier, and for industrial products – to 0.8% from 0.9%. Energy prices rose 0.3% after falling 0.6% in April.


Core inflation excluding the cost of food and energy (CPI Core index) accelerated to 2.9% in May, compared with 2.7% in April, which was the lowest rate since February 2022. Experts predicted an acceleration in core inflation to 2.8%.


On a monthly basis, consumer prices in the eurozone increased by 0.2% in May after rising by 0.6% in April.


The highest inflation among the eurozone countries was recorded in Belgium (4.9% in annual terms), the lowest in Latvia (0.2%). In Germany, consumer prices rose by 2.8%, in France – by 2.7%, in Italy – by 0.8%, and in Spain – by 3.8%.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.