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Financial News: Eurozone Inflation Rises As Estimated

Eurozone Inflation Rises As Estimated

06/18/2024 - 05:39:00 (RTTNews)

(RTTNews) - Eurozone inflation accelerated in May, as initially estimated, largely driven by services cost, official data revealed on Tuesday.

The harmonized index of consumer prices rose 2.6 percent on a yearly basis, following the 2.4 percent rise in April, Eurostat reported.

The rate came in line with the estimate published on May 31 and it has moved away from the ECB's 2 percent target.

Core inflation which strips out energy, food, alcohol and tobacco, accelerated to 2.9 percent, as estimated, from 2.7 percent in the prior month. The highest contribution to the annual inflation came from services. Cost of services grew at a faster pace of 4.1 percent after a 3.7 percent rise.

At the same time, the increase in food, alcohol and tobacco prices softened to 2.6 percent from 2.8 percent. The annual growth in non-energy industrial goods prices weakened to 0.7 percent from 0.9 percent.

By contrast, energy prices gained 0.3 percent, reversing a 0.6 percent fall.

The harmonized index of consumer prices posted a monthly growth of 0.2 percent each in both the euro area and the EU27.

EU inflation rose slightly to 2.7 percent annually in May from 2.6 percent in April. A year earlier, inflation was 7.1 percent. Early this month, the European Central Bank lowered its interest rates for the first time in five years, citing an improvement in the inflation outlook.

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