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Tuesday, October 4, 2022

EU’s annual inflation hits 8.8% in May

EconomyEU's annual inflation hits 8.8% in May

Brussels (The Times Groupe)- The EU’s annual inflation rate in May 2022 was 8.8%, up from 8.1% in April, according to the union’s statistical office. Eurostat

Eurostat reported that the figure was 2.3% last year.

In May 2022, the euro area’s annual inflation rate increased from 7.4% to 8.1%.

The lowest annual rates were seen in France and Malta (both 5.8%) and Finland (7.1%), whereas the highest annual rates were observed in Estonia (20.1%), Lithuania (18.5%) and Latvia (16.8%).

Energy contributed the most to the euro area inflation rate in May (+3.87 percentage points), followed by food, alcohol, and tobacco (+1.59), services (+1.46), and non-energy industrial goods (+1.13).

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