Eurozone May Inflation Rate 8.1%... Another Record High Reached

[Image source=EPA Yonhap News]

The EU's statistical office, Eurostat, announced on the 31st (local time) that consumer prices in May for the Eurozone, consisting of 19 EU member countries using the euro, are expected to rise by 8.1% year-on-year (flash estimate).

This is the highest level since related statistics began being compiled in 1997.

The inflation rate in the Eurozone has repeatedly hit record highs since November last year. The inflation rate in April was 7.4%.

Looking at the inflation rate by major components, energy is expected to reach a record high of 39.2% year-on-year in May.

Energy prices in Europe have surged significantly due to sanctions against Russia following its invasion of Ukraine.

In addition, food, alcohol, and tobacco are expected to rise by 7.5%, non-energy industrial goods by 4.2%, and services by 3.5%.

All of these levels far exceed the European Central Bank (ECB)'s inflation target of 2%.

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