Financial News: Eurozone Inflation Rises In May

Eurozone Inflation Rises In May

05/31/2024 - 05:23:00 (RTTNews)

(RTTNews) - Eurozone inflation increased in May largely due to rising services costs, flash data from Eurostat showed on Friday.

The harmonized index of consumer prices advanced more-than-expected 2.6 percent on a yearly basis, faster than the 2.4 percent rise in April. Annual inflation was seen at 2.5 percent.

Core inflation which strips out energy, food, alcohol and tobacco, accelerated unexpectedly to 2.9 percent, while it was forecast to remain unchanged at 2.7 percent.

Among components of the HICP, the increase in food, alcohol and tobacco prices softened to 2.6 percent from 2.8 percent. By contrast, energy prices gained 0.3 percent, reversing a 0.6 percent fall.

The annual growth in non-energy industrial goods prices slowed marginally to 0.8 percent from 0.9 percent, while services cost grew at a faster pace of 4.1 percent after a 3.7 percent rise.

The HICP moved up 0.2 percent on a monthly basis in May. Final data is due on June 18.

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