June 21, 2021
According to the statistical office of the European Union (Eurostat), in May 2021, the euro area annual inflation rate was 2.0%, 0.4% up from 1.6% in April 2021. However, it was noted that a year earlier the rate was 0.1%. Additionally, in the European Union annual inflation was reported at 2.3%, greater than April 2021 rate of 2.0%.; relative to the previous year, the rate was 0.6%.
The lowest annual rates were observed in Greece (-1.2%), Malta (0.2%) and Portugal (0.5%). The highest annual rates were recorded in Hungary (5.3%), Poland (4.6%) and luxembourg (4.0%). Compared with April, annual inflation decreased in four Member States, remained stable in one and increased in twenty-two.
Eurostat also noted, the highest contribution to the annual euro area inflation rate in May 2021 came from: energy (+1.19 percentage points, pp), followed by services (+0.45 pp), non-energy industrial goods (+0.19 pp) and food, alcohol & tobacco (+0.15 pp).
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