Eurozone annual inflation fell to 6.1% in May due to slower food price growth and energy deflation, Eurostat estimated this Thursday.
In May 2022, the annual inflation rate in the euro countries was 8.1%, and in April 2023 – 7.0%.
Adjusted for inflation components, food, alcohol and tobacco posted their highest level of 12.5% in May, but one point down from 13.5% in April, according to a quick estimate by the European Statistical Office.
On the other hand, in the energy component, prices rose from 2.5% in April to a 1.7% decline in May.
On the other hand, in the non-energy sector of industrial goods, inflation fell to 5.8% (6.2% in April), and in the service sector – to 5.0% (5.2% in April).
Among the 20 Eurozone countries, Slovakia, Latvia (12.3% each) and Estonia (11.2%) had the highest inflation rates measured by the Harmonized Consumer Price Index (HICP), as well as Luxembourg (2.0%), Belgium. (2.7%) and Spain (2.9%) showing the lowest figures according to Eurostat estimates.
In Portugal, the inflation rate, as measured by HICP (which allows for cross-country comparisons), was 5.4% in May.
Eurozone annual inflation rose in April after five straight months of decline before falling again in May.
Eurozone inflation accelerated from June 2021, mainly due to rising energy prices, and reached record levels since November 2021, with the first decline recorded in November 2022.
Author: Portuguese
Source: CM Jornal
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.