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Financial News: Eurozone Inflation Accelerates In May

Eurozone Inflation Accelerates In May

05/31/2018 - 05:18:00 (RTTNews)

(RTTNews) - Eurozone inflation accelerated in May largely on energy prices, flash estimate from Eurostat showed Thursday.

Inflation rose more-than-expected to 1.9 percent in May from 1.2 percent in April. The expected rate was 1.6 percent.

The European Central Bank targets 'below, but close to 2 percent' inflation.

Core inflation that excludes prices of energy, food, alcohol and tobacco, increased to 1.1 percent in May from 0.7 percent a month ago.

All components of the harmonized index of consumer prices, except non-energy industrial goods, logged faster annual growth. Cost of food, alcohol and tobacco climbed 2.6 percent after rising 2.4 percent.

The increase in services cost came in at 1.6 percent in May versus 1 percent a month ago. Energy price growth increased sharply to 6.1 percent from 2.6 percent.

Meanwhile, non-energy industrial goods prices rose at a slower pace of 0.2 percent after climbing 0.3 percent.

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