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Inflation in the eurozone accelerated to 2.6% in May


June, 18 2024
watermark Economic news

According to the final data from the statistical office of the European Union, consumer prices in the eurozone increased by 2.6% year-on-year in May. This indicator coincided with the preliminary estimate and consensus forecast of analysts.


Thus, inflation increased compared to April, when it amounted to 2.4% (the lowest value since November last year).


The growth in the cost of services accelerated to 4.1% y/y in May, compared with 3.7% in April. At the same time, the increase in prices for food, alcohol and tobacco products slowed to 2.6% compared with 2.8% a month earlier. Prices for industrial products increased by 0.7%, which is lower than the April figure of 0.9%. Energy prices increased by 0.3% after falling by 0.6% in April.


The Core inflation index (CPI Core), which does not take into account the cost of food and energy, accelerated to 2.9% in May. In April, this figure was 2.7%, which was the lowest increase since February 2022. Experts expected core inflation to rise to 2.9%.


On a monthly basis, consumer prices in the eurozone rose by 0.2% in May after rising by 0.6% in April.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.