Consumer prices in the euro area in May 2022 increased by 8.1% in annualized terms, according to preliminary data from the Statistical Office of the European Union (Eurostat). This is the maximum indicator in the history of the introduction of calculations. In April, annual inflation in the eurozone was 7.4%. Analysts surveyed by Trading Economics, on average, expected an increase in prices by 7.7%.

Relative to the previous month, consumer prices rose by 0.8%.

Consumer prices excluding such volatile factors as the cost of energy, food and alcohol (CPI Core index tracked by the European Central Bank) rose by 3.8% year-on-year in May after rising by 3.5% in April.

Energy prices accelerated to 39.2% last month after rising 37.5% in April. Prices of manufactured goods rose 4.2% (+3.8% month-over-month).

The cost of food, alcohol and tobacco products rose 7.5% after a 6.3% increase in April. Services rose by 3.5% (+3.3% a month earlier).

The highest inflation in annual terms was recorded in Estonia (20.1%) and Lithuania (18.5%). The lowest price growth was observed in Malta (5.6%) and France (5.8%).