Eurozone Inflation Climbs to 3.2 Percent in May
According to figures released by Eurostat, energy prices across the eurozone spiked 10.9% year-on-year in May — the primary engine behind the broader inflationary uptick.
The surge in energy costs traces directly to the fallout from US and Israeli strikes on Iran beginning February 28, after which Tehran opted to shut down the strategically vital Strait of Hormuz and launched attacks on energy infrastructure — moves that sent shockwaves through global oil and gas markets.
Stripping out energy, the eurozone's non-energy inflation rate held at a comparatively modest 2.4% in May, underlining the outsized role that fuel costs are playing in driving overall price pressures.
May's reading marks the fourth straight month of rising inflation across the region, with the upward trend having taken hold since February.
At the country level, the sharpest price increases within the eurozone were recorded in Bulgaria, where inflation hit 6.3%, followed by Lithuania at 5.1% and Greece at 5%.
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