Eurozone Inflation Rate In May Confirmed At 2.6%

The eurozone's annual consumer inflation rate in May was confirmed at 2.6%, according to a second reading released on Tuesday.

The annual rise in consumer prices accelerated for the first time in five months, up from 2.4% in both March and April, Eurostat data showed.

Core inflation, excluding volatile food and energy prices, climbed to 2.9% in May from 2.9% in April.

Energy prices returned to growth in May, up 0.3% at an annual pace following 12 months of decline.

The cost of food rose 1.9% from last year in May, stable compared to April.

Annual inflation in the EU also accelerated to 2.7% in the month.

The lowest annual rates were seen in Latvia (0%), Finland (0.4%), and Italy (0.8%) while the highest rates were in Romania (5.8%), Belgium (4.9%), and Croatia (4.3%).

On a monthly basis, the eurozone's consumer price index rose 0.2% in May, meeting the initial estimate.

The eurozone/euro area, or EA19, represents member states that use the single currency – the euro – while the EU27 includes all member countries of the bloc. -