Economic Buzz: Eurozone inflation at 3.2% in May

The annual inflation rate in the Eurozone stood at 3.2% in May, a report published by the European Union's statistical office Eurostat on Wednesday showed, confirming preliminary figures. In the whole EU, the inflation rate climbed to 3%. On a monthly basis, consumer prices were up 0.1% in both the Eurozone and the EU.

The document noted that the rise in prices of services, which increased by 1.61 percentage points year-on-year, and energy, up 0.98 percentage points, contributed positively to the rate. Meanwhile, core inflation in the Eurozone, excluding energy and unprocessed food, was at 2.3%. Month-on-month, the rate went up by 0.3%.

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