(Eurostat) The annual inflation in the euro area was estimated to have climbed to a record 8.1% in May, eclipsing the 7.4% posted in April.
Energy was the main driver of the annual inflation in May, after posting gains of 39.2%, up from 37.5% in April. Inflation in the food, alcohol, and tobacco category came at 7.5%, up from 6.3% in April.
Non-energy industrial goods saw a 4.2% jump from 3.8% in April, while services recorded an inflation of 3.5%, accelerating from 3.3% in April.
The latest jump means that the euro area inflation is now at the highest in the series record since 1997. The figures are expected to add more pressure on the ECB to hike rates from the pandemic lows.
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