June 3, 2021

According to the statistical office of the European Union (Eurostat), in May 2021, the euro area annual inflation rate is expected to be 2.0%, 0.4% higher when compared to the 1.6% booked in April 2021. However, it was noted that a year earlier the annual rate was 0.1% in May 2020.

The lowest annual rates were observed in Greece (-1.1%), Malta (0.2%) and Portugal (0.5%). The highest annual rates were recorded in Luxembourg (4.0%), Lithuania (3.5%) and Estonia (3.1%). When compared with April 2021, annual inflation remained stable in two and rose in seventeen.

Eurostat also noted, the highest contribution to the annual euro area inflation rate in May 2021 is expected to be energy, increasing from 10.4% in April to 13.15%, followed by services which is expected to climb to 1.1% from 0.9% in April. Non-energy industrial goods are estimated to increase to 0.7%, compared with 0.4% in April and Food, alcohol & tobacco remain stable at 0.6%.

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