The statistical office of the European Union (Eurostat) is reporting that the annual inflation across continental Europe has declined in May 2023.
The annual inflation in the Euro Area was 6.1 per cent, down from 7.0 per cent reported in April 2023.
The prior year’s rate was 8.1 per cent while the annual inflation in the European Union was 7.1 per cent in May 2023.
This is down from 8.1 per cent in April 2023.
A year earlier, the rate was 8.8 per cent.
Food, alcohol, and tobacco (+2.54%) made the highest contribution to the annual inflation rate in the euro area in May, followed by services (+2.15%), non-energy industrial goods (+1.51%) and energy (-0.09%).
The lowest annual rates were observed in Luxembourg (2.0%), Belgium (2.7%), Denmark and Spain (both 2.9%). The highest annual rates were recorded in Hungary (21.9%), Poland and Czechia (both 12.5%).
Compared with April, annual inflation fell in 26 Member States and rose in one.