European Union’s inflation rate reaches record-high 8.8 pct in May

NEWS 17.06.2022 14:40
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Source: Pixabay

"The inflation rate in the 27-member European Union and in the 19-member euro zone reached record highs, 8.8 percent and 8.1 percent respectively, since Eurostat started publishing data," state agency Hina said on Friday, without clarifying when did Eurostat start publishing their data.

“The euro area annual inflation rate was 8.1% in May 2022, up from 7.4% in April. A year earlier, the rate was 2.0%. European Union annual inflation was 8.8% in May 2022, up from 8.1% in April. A year earlier, the rate was 2.3%, according to the figures published by Eurostat, the statistical office of the European Union on Friday.

Croatia’s May inflation rate was higher than the EU average, at 10.8%.

“The lowest year-on-year rates were registered in France, Malta (both 5.8%) and Finland (7.1%). The highest annual rates were recorded in Estonia (20.1%), Lithuania (18.5%) and Latvia (16.8%). Compared with April, annual inflation fell in one Member State and rose in twenty-six.”

In May, the highest contribution to the annual euro area inflation rate came from energy (+3.87 percentage points, pp), followed by food, alcohol & tobacco (+1.59 pp), services (+1.46 pp) and non-energy industrial goods (+1.13 pp).

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