Eurozone inflation rises to a record 8.1% in May
The eurozone's annual rate of inflation accelerated again in May, reaching its highest level in history.
Consumer prices rose 8.1% on year in May after climbing 7.4% in April, according to a first estimate released Tuesday by Eurostat, the European Union's statistics agency. Economists polled by The Wall Street Journal had forecast eurozone inflation at 7.6% in May. Russia's attack on Ukraine has fueled a climb in energy prices and they were the main driver of the on-year increase. Energy prices rose 39.2%, compared with 37.5% in April, showing an acceleration. But price pressures are broadening to other categories. Food, alcohol and tobacco prices rose 7.5% year-on-year in May, compared with 6.3% in April.The core consumer price index--which excludes the more volatile categories of food and energy--rose 3.8% on year in May after rising 3.
Economists expect eurozone inflation to continue its upward trend in the coming months, as energy and food prices rise due to Russia's war in Ukraine. A worsening of supply-chain disruptions due to the conflict and Chinese lockdowns is putting additional upward pressure on inflation.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
S.Korea export growth seen rebounding in May; inflation tops 5%South Korean export growth is expected to have rebounded in May, but the trade balance likely remained in red, while consumer inflation is seen rising above 5% for the first time in nearly 13 years, a Reuters poll showed on Monday.
Read more »
ECB’s Villeroy: Inflation figures in May confirm need for progressive policy normalisationEuropean Central Bank (ECB) Governing Council member and Bank of France head Francois Villeroy de Galhau making some comments on the monetary policy n
Read more »
Today in history: May 29Grammy-winning singer B.J. Thomas, who hit the charts with songs including “Hooked on a Feeling” and “Raindrops Keep Fallin’ On My Head,” died at his Texas home from complications of lung cancer; he was 78.
Read more »
Letters to the Editor: May 29Letters to the Editor for May 29
Read more »
Dogs may help protect kids from Crohn’s diseaseAccording to a new study, children who grow up in the company of canines may be less likely to develop Crohn’s disease later in life - via healthing_ca .getgutsycanada DDWMeeting healthing health healthnews
Read more »