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Overall, however, inflation in Europe remains high. The European Central Bank (ECB) aims for an inflation rate of two percent as a goal for price stability. In the fight against inflation, it has already raised interest rates seven times in a row. The next time the ECB will discuss a further increase in the rate is June 15 policy rates in the euro zone.
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There are large disparities in inflation within the euro zone, with a clear east-west divide. Slovakia has the highest inflation rate in the EU at 12.3 percent. Inflation is also in almost double digits in the Baltic countries of Estonia, Latvia and Lithuania. Inflation rates are lowest in small Luxembourg (2.0 percent), Belgium (2.9 percent) and Spain at 2.9 percent. In Germany, the inflation rate in the harmonized European calculation is in the middle at 6.3 percent, slightly above the total value for the euro zone.
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Inflation in the euro zone is cooling off noticeably. The inflation rate fell from 7.0 to 6.1 percent in May. This was announced by the statistics office Eurostat on Thursday.
The core rate of inflation excluding energy and food also fell noticeably from 5.6 to 5.3 percent.
Prices are thus continuing to rise at a considerable rate, which is now slowing down – even somewhat faster than experts had expected.
Inflation in the eurozone has cooled off somewhat. The inflation rate fell from 7.0 to 6.1 percent in May, the said Statistics authority Eurostat on Thursday in a first estimate.
Die consumer prices are still rising at a high rate, but this is now noticeably decreasing. The decline in the inflation rate was even more pronounced than expected. On average, analysts and economists had expected a decline to 6.3 percent.
Price drivers in Europe were still food and groceries. Their prices rose 12.5 percent year-on-year in May. Here, too, the inflation rate fell somewhat. In April it was still over 13 percent. Energy, on the other hand, even became cheaper by 1.7 percent year-on-year.
Because the prices of food and energy fluctuate so much, economists also look at the development of all other prices. This so-called core rate of inflation excluding food and energy is intended to show how firmly inflationary pressures have become entrenched throughout the economy. This important core rate of inflation fell slightly in April from 5.7 to 5.6 percent for the first time in many months. In May, the core rate fell further to 5.3 percent. This, too, exceeded the expectations of the experts, who had expected a core rate of 5.5.
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Overall, however, inflation in Europe remains high. The European Central Bank (ECB) aims for an inflation rate of two percent as a goal for price stability. In the fight against inflation, it has already raised interest rates seven times in a row. The next time the ECB will discuss a further increase in the rate is June 15 policy rates in the euro zone.
read too
There are large disparities in inflation within the euro zone, with a clear east-west divide. Slovakia has the highest inflation rate in the EU at 12.3 percent. Inflation is also in almost double digits in the Baltic countries of Estonia, Latvia and Lithuania. Inflation rates are lowest in small Luxembourg (2.0 percent), Belgium (2.9 percent) and Spain at 2.9 percent. In Germany, the inflation rate in the harmonized European calculation is in the middle at 6.3 percent, slightly above the total value for the euro zone.
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read too