On a monthly basis, the annual inflation rate in the Eurozone showed a slight increase in May 2024, rising to 2.6% from 2.4% in April.

A year earlier, the rate was 6.1%.

According to Eurostat, the annual inflation rate in the European Union was 2.7% in May 2024, up from 2.6% in April. A year earlier, the rate was 7.1%.

In Greece, the harmonized annual inflation rate, according to Eurostat’s second estimate, was 2.4% in May, compared to the initial estimate of 2.3%.

The lowest annual rates were recorded in Latvia (0.0%), Finland (0.4%), and Italy (0.8%).

The highest annual rates were recorded in Romania (5.8%), Belgium (4.9%), and Croatia (4.3%).

Compared to April, the annual inflation rate decreased in eleven member states, remained stable in two, and increased in fourteen.

In May, the largest contribution to the annual inflation rate in the Eurozone came from services (+1.83 percentage points, pp), followed by food, alcohol, and tobacco (+0.51 pp), non-energy industrial goods (+0.18 pp), and energy (+0.04 pp).