Euro area & EU's inflation rises slightly in May 2024

Published: 2024-06-20

INSIGHTS

The euro area's annual inflation rate rose to 2.6 per cent in May 2024 from 2.4 per cent in April, down from 6.1 per cent a year earlier.
The EU's inflation rate increased to 2.7 per cent from 2.6 per cent.
Lowest inflation rates were in Latvia and highest in Romania.
Inflation fell in eleven EU states, remained stable in two, and rose in fourteen.

The euro area’s annual inflation rate increased to 2.6 per cent in May 2024, up from 2.4 per cent in April, according to the latest figures published by Eurostat, the statistical office of the European Union (EU). This marks a significant decrease from a year earlier, when the inflation rate stood at 6.1 per cent.

Similarly, the EU’s annual inflation rate rose slightly to 2.7 per cent in May 2024, compared to 2.6 per cent in April. A year earlier, the EU inflation rate was notably higher at 7.1 per cent.

Among the EU member states, the lowest annual inflation rates were observed in Latvia, where it registered at 0.0 per cent, followed by Finland at 0.4 per cent, and Italy at 0.8 per cent. Conversely, the highest annual inflation rates were recorded in Romania at 5.8 per cent, Belgium at 4.9 per cent, and Croatia at 4.3 per cent, as per Eurostat.

Comparing the figures with April, annual inflation fell in eleven member states, remained stable in two, and rose in fourteen.

In May, the contributions to the annual euro area inflation rate came primarily from non-energy industrial goods, adding 0.18 percentage points (pp), and from energy, contributing 0.04 pp.

Fibre2Fashion News Desk (DP)