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Eurozone inflation reached a new high in May

Date: 2022-06-01
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Xinhua News Agency, Brussels, May 31 (Reporter Kang Yi) The preliminary statistics released by Eurostat on May 31 show that due to the conflict between Russia and Ukraine, the energy market continued to be turbulent and food prices soared. In May, the inflation rate in the euro zone reached an annual rate of 8.1%, a record high again.

Data show that energy prices in the euro zone rose by 39.2% year-on-year in May, which was the main reason for pushing up inflation in that month; Food, tobacco and alcohol prices rose by 7.5%; The price of non-energy industrial products rose by 4.2%; The service price increased by 3.5%. In that month, the core inflation rate excluding the prices of energy, food, tobacco and alcohol was 3.8%.

By country, the inflation rate of major European economies Germany in May was 8.7%, France 5.8%, Italy 7.3% and Spain 8.5%, all of which were at a high level. The inflation rates in the Baltic countries, the Netherlands, Slovakia and Greece all reached double digits.

The latest financial stability assessment report released by the European Central Bank pointed out that in view of the Russian-Ukrainian conflict, which led to the rise of energy and commodity prices, the risk of high inflation in the euro zone increased, and the financial stability deteriorated accordingly.

Nagel, a member of the Council of the European Central Bank and president of the Bundesbank, said earlier that the time had come for the ECB to raise interest rates, possibly as early as July.

Regarding the rhythm of raising interest rates, analysts expect that the European Central Bank may take a gradual path of small steps and quick runs. Philip Lane, chief economist of the European Central Bank, recently ruled out the possibility of raising interest rates by 50 basis points in July, pointing out that it is possible to raise interest rates by 25 basis points in July and again by 25 basis points in September.


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