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Market Update: Eurozone May Inflation Rate Confirmed at 2-1/2-Year High
The consumer price inflation rate in the Euro Area was confirmed at 2.0 percent year-on-year in May 2021, the highest since October 2018, due to the low base year and reflecting a sharp rebound in demand following the re-opening of the economy. Upward pressure came from energy (13.1 percent vs 10.4 percent in April), services (1.1 percent vs 0.9 percent), and non-energy industrial goods (0.7 percent vs 0.4 percent). On the other hand, cost for food, alcohol & tobacco rose at a slightly slower pace (0.5 percent vs 0.6 percent). Meanwhile, the annual core inflation, which excludes volatile prices of energy, food, alcohol & tobacco picked up to 1.0 percent, from 0.7 percent in April. On a monthly basis, consumer prices advanced 0.3 percent. source: EUROSTAT [/s2If]
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