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Financial News: Eurozone Inflation Hits Record High As Estimated

Eurozone Inflation Hits Record High As Estimated

06/17/2022 - 06:03:00 (RTTNews)

(RTTNews) - Eurozone inflation accelerated to a fresh record high in May driven by surging energy prices, final data from Eurostat showed on Friday.

Inflation rose to 8.1 percent in May, in line with flash estimate, from 7.4 percent in April. A year earlier, the rate was 2.0 percent. Core inflation that excludes energy, food, alcohol and tobacco, increased to 3.8 percent from 3.5 percent in the previous month. The core rate also came in line with the estimate published on May 31.

Early this month, the European Central Bank said it intends to raise key rates by a quarter points in July and signaled another hike in September if the medium-term inflation outlook persists or deteriorates.

The ECB Staff sharply raised the inflation forecast for this year to 6.8 percent from 5.1 percent and that for next year to 3.5 percent from 2.1 percent.

On a monthly basis, the harmonized index of consumer prices gained 0.8 percent in May, Eurostat reported today.

Among components, the annual growth in food, alcohol and tobacco prices rose to 7.5 percent from 6.3 percent. Energy prices surged 39.1 percent after climbing 37.5 percent.

Non-energy industrial goods prices grew 4.2 percent, faster than the 3.8 percent rise in April. Similarly, services cost rose 3.5 percent, following April's 3.3 percent increase.

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