Eurozone inflation hits record 8.1% in May

The rate of inflation in the euro area has been At 8.1% in May, compared to 7.4% registered in April and MarchWhich represents the biggest increase in prices in the euro area of ​​the entire historical series, according to an advance of data published by the Community Statistics Office, Eurostat, which puts pressure on the European Central Bank (ECB), which will return to meet next week. For.

According to the Community Statistical Office, the increase in prices in the euro area in the fifth month of 2022 will be s. responds toInter-annual growth of 39.2% of the cost of energyThat accelerated from 37.5% in April, while the price of fresh food rose 9.1% year-on-year in May, a tenth less than the previous month.

At the same time, Services costlier by 3.5% Year-on-year, prices for non-energy industrial goods rose 4.2%, compared to 3.3% in the previous month, four-tenths higher than in April.

Ali exclude the effect of energy from the calculationYear-on-year rate of inflation in the euro area 4.6% in MayThe core inflation rate rose to an all-time high of 3.8% since April, compared to 4.1% in the previous month, while excluding the impact of fresh food, alcohol and tobacco prices.

In Eurozone countries, the largest price increases were recorded Estonia (20,1%), Lithuania (18,5%) y Latvia (16.4%), while less consistent with stronger growth Malta (5,6%), France (5,%) y Finland (7,1%).

In addition to record consistent inflation of 5.8% in France, prices in Germany also rose at a record pace in May, up 8.7% year-on-year, while in Italy, the euro’s third-largest economy, harmonized inflation rose to 7.3%. ,

In the case of SpainThe consistent inflation rate was 8.5% in May, up from 8.3% in April, reducing the unfavorable price gap against the euro area average to four tenths.

The Governing Council of the European Central Bank (ECB) is due to meet in the Netherlands on 9 June to discuss new monetary policy measures and announce the institute’s new macroeconomic projections.

ECB President, French Christine LagardeAlso the central bank’s chief economist, Irishman Philip Lane, has been in favor of a gradual normalization of the ECB’s monetary policy, including an increase of 25 basis points in the July and September meetings, to leave the negative behind. Interest rates at the end of the summer.