In Greece, Eurostat data show inflation stood at 4.9% in May, slightly lower than the flash estimate released on June 2, which had put it at 5%.

In the Eurozone, inflation reached 3.2% in May, up from 3.0% in April. One year earlier, in May 2025, the rate stood at 1.9%.

In the European Union as a whole, inflation rose to 3.3% from 3.2% the previous month, while in May 2025 it was 2.2%.

The lowest inflation rates in the EU were recorded in Sweden at 1.1%, followed by Denmark and the Czech Republic at 1.8%.

At the other end of the scale, Romania recorded the highest inflation in the Union at 9.7%, followed by Bulgaria at 6.3% and Lithuania at 5.1%.

Compared with April 2026, inflation fell in 11 EU member states and increased in 16.

The main contribution to Eurozone inflation in May came again from the services sector, which added 1.61 percentage points to the overall index.

This was followed by energy, which contributed 0.98 percentage points, confirming that the effects of the energy crisis continue to impact price levels.

Food, alcoholic beverages and tobacco also had a positive contribution, adding 0.36 percentage points, while non-energy industrial goods contributed 0.23 percentage points.

Vardounogiannis (Motor Oil): Europe’s insistence on moving away from fossil fuels is a strategic mistake

“The transition to electrification cannot proceed without taking into account cost and security of supply,” he said during the company’s annual general shareholders’ meeting, adding that “for years Europe functioned like an economy insulated from what is happening in the rest of the world.”

The uncertain geopolitical environment and shifts in the global energy market were at the center of remarks by Mr. Ioannis Vardounogiannis, CEO of Motor Oil, during the company’s annual general meeting.

He noted that the international community has faced two wars within the last four years, while the latest crisis in the Middle East serves as a “wake-up call” for Europe.

He argued that Europe’s fossil fuel strategy has proven wrong, as the continent has found itself without sufficient refining capacity and increasingly dependent on imports.

He said Greece is in a more favorable position, as it has significant refining capabilities and can process different types of crude oil. At the same time, the company is exploring alternative solutions, estimating that Greece—due to its geopolitical position—can play an important role in the new energy landscape.

Referring to developments in the Middle East, he expressed hope for de-escalation between Iran, the US, and Israel. However, he stressed that political balances have fundamentally changed and that Europe has long operated “like an economy insulated from what is happening in the rest of the world.”

He also emphasized that the energy transition cannot rely exclusively on electrification without considering both cost and energy security.

Regarding Motor Oil’s renewable energy activities, he noted that the group is now the second-largest renewable energy company in Greece and will continue investing in the sector, but selectively.

“PosoKanei” app: Mitsotakis says it is a weapon against inflation

The Prime Minister highlighted transparency in the market and tools for citizens to tackle inflation while presenting the new digital app “PosoKanei”.

He described the platform as another important step in the fight against the cost of living, noting that consumers can now instantly compare prices of products across major supermarket chains in Greece and with equivalent prices in European markets.

“The Greek consumer now has another weapon in the fight against inflation and the rising cost of living,” he said.

He added that real-time comparison of prices between Greece and abroad creates new market conditions, especially for multinational companies.

According to him, access to comparable pricing data strengthens competition and makes unjustified price differences harder to maintain.

The platform aggregates daily data from major retail chains, covering around 10,000 products initially. It also allows users to track price history, build shopping lists, and calculate total basket costs per store.

The application is available at posokanei.gov.gr and on Android and iOS devices.

Mitsotakis also stressed that tackling inflation remains a top government priority and that the battle will be won through “real solutions and measurable results, not empty promises.”

He also praised the startup behind the app, based in Ptolemaida, Western Macedonia.