ADVERTISEMENT

Annual inflation for May hits record 3.7% in eurozone

EU

Annual inflation rates for May rose in both the 15-nation euro zone and in the 27-nation European Union, according to official figures released Monday.

The annual inflation rate in the euro zone climbed 0.3%age points from April to a record high of 3.7%, Eurostat reported. Because of rocketing oil prices, the inflation rate over 12 months reached its highest since the birth of the euro in 1999, exceeding the prediction of 3.6% made by Eurostat at the end of May. Monthly inflation stood at 0.6% in May.

“It’s not a good figure,” said European Commission Spokesperson for Economic and Monetary Affairs Amelia Torres. Inflation “remains the commission’s main concern” when it comes to the economy, she added. Europe needs to remain “extremely careful” to avoid a wage and inflation spiral, which would not be in the interest of European workers, Torres said. But at the moment the trend seemed to be up, she noted. The hike may prod the European Central Bank to raise interest rates in July, reports say.

In the EU, annual inflation hit 3.9% last month, up from3.6% in April. The rate stood at 2.1% a year earlier. Compared with April, annual inflation rose in 21 EU member states, remained stable in three countries and fell in two, the office said.

The lowest annual rate was observed in the Netherlands at 2.1%, followed by 2.8% in Portugal and 3.1% in Germany. Latvia, Bulgaria and Lithuania had the highest inflation rates, at 17.7, 14 and 12.3% respectively. (people.com.cn)

Heavy Rains Expected This Week to Ease Drought Weather

Heavy Rains Expected This Week to Ease Drought

Gov't Launches HUF 150 bln Job Placement Scheme for Over-30s Government

Gov't Launches HUF 150 bln Job Placement Scheme for Over-30s

HU-rizon Program: HUF 8 bln Funding for International Resear... Science

HU-rizon Program: HUF 8 bln Funding for International Resear...

Inspiring Women at the Focus of Gourmet Fest In Budapest

Inspiring Women at the Focus of Gourmet Fest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.