Economic Buzz: Eurozone Inflation At Record 8.1% In May

17 Jun 2022 , 03:07 PM

Eurozone annual inflation rate rose to a record-high of 8.1% in May, above 7.4% in each of the previous two months, the European Unions statistics agency Eurostat said on Friday. Inflation excluding food and energy costs, a figure closely watched by the ECB, accelerated to 4.4% from 3.9%, while an even narrower measure that also excludes alcohol and tobacco picked up to 3.8% from 3.5%. The inflation rate in the Euro Area remains well above the ECBs target of 2% and the central bank will start raising borrowing costs from July to bring it back to the target. Powered by Commodity Insights