June 16, 2023

According to the statistical office of the European Union (Eurostat), in May 2023, the Euro area annual inflation rate was 6.1%, down from 7.0% reported in April 2023. The prior year’s rate was 8.1%. Annual inflation in the European Union was 7.1% in May 2023, down from 8.1% in April 2023. A year earlier, the rate was 8.8%.

Food, alcohol, and tobacco (+2.54 percentage points, pp) made the highest contribution to the annual inflation rate in the euro area in May, followed by services (+2.15 pp), non-energy industrial goods (+1.51 pp) and energy (-0.09 pp).

The lowest annual rates were observed in Luxembourg (2.0%), Belgium (2.7%), Denmark and Spain (both 2.9%). The highest annual rates were recorded in Hungary (21.9%), Poland and Czechia (both 12.5%). Compared with April, annual inflation fell in twenty-six Member States and rose in one.

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