Euro Area inflation accelerates to 8.1% y/y in May

Consumer inflation in the Euro Area accelerated again in May after staying stable in the previous month. According to the Eurostat flash release the headline consumer price index (CPI) increased by 8.1% y/y following a 7.4% y/y growth rate in April. The most recent figure is yet another record high and well above the European Central Bank's target of 2% y/y.

Core inflation, which excludes the volatile food, energy, alcohol and tobacco prices, accelerated to 3.8% y/y in May compared to 3.5% in the previous month.

Energy inflation, which has been the main driver of headline price increases recently, stood at 39.2% y/y in May following 37.5% y/y in April but remained below the recent peak of 44.3% y/y, reached in March.

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Read more in the quarterly report Euro Area Economy in a Snapshot - Q2 2022