Eurozone inflation accelerated to 8.1% in May

According to Eurostat's final data, annual inflation in the 19 eurozone countries accelerated to an all-time high of 8.1% in May from 7.4% in April. The indicator coincided with the forecast of analysts and preliminary estimates. On a monthly basis, prices increased by 0.8%.

Consumer prices excluding the volatile cost of energy, food and alcohol (the CPI Core index tracked by the European Central Bank) rose 3.8% year-on-year last month after rising 3.5% a month earlier.

Food, alcohol and tobacco prices rose 7.5% after rising 6.3% in April. Growth in energy prices accelerated to 39.1% after rising by 37.5% a month earlier. Services became more expensive by 3.5%.

In all 27 EU countries, annual inflation rose by 8.8% after rising by 8.1% a month earlier. In monthly terms, prices in the EU rose by 1%.

The lowest inflation in annual terms in May was observed in Malta and France (5.8%), in Finland (7.1%). The highest growth in consumer prices was recorded in Estonia (20.1%), Lithuania (18.5%) and Latvia (16.8%).

In Germany, annual inflation accelerated to 8.7% from 7.8% in April, in Spain price growth accelerated to 8.5% from 8.3%, in Italy to 7.3% after 6.3%.