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Economic news
18.06.2024

Eurozone consumer price growth accelerated in May

The final data published by Eurostat showed that consumer price growth accelerated last month, confirming experts' forecasts and preliminary estimates. Core inflation growth also accelerated after hitting a more than 2-year low in April.

According to the report, the consumer price index rose by 2.6% per year, as expected, after an increase of 2.4% per annum in April. European Union annual inflation was 2.7% in May, up from 2.6% in April.

Meanwhile, on a monthly basis, the consumer price index rose by 0.2%, confirming economists' forecasts and slowing compared to April (+0.6%). This was the fourth increase in a row, but the weakest in this series.

Eurostat reported that the core consumer price index - excluding energy, food, alcohol and tobacco - rose by 2.9% per year, as expected, after an increase by 2.7% per year in March. Core inflation accelerated for the first time in 10 months.

The data also showed that the largest contribution to the annual inflation was made by services (+1.83%), food, alcohol & tobacco (+0.51%), non-energy industrial goods (+0.18%) and energy (+0.04%).

The lowest annual rates were registered in Latvia (0.0%), Finland (0.4%) and Italy (0.8%). The highest annual rates were recorded in Romania (5.8%), Belgium (4.9%) and Croatia (4.3%). Compared with April, annual inflation fell in eleven Member States, remained stable in two and rose in fourteen.

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