Eurozone annual inflation up in May

By Muhammed Ali Gurtas

ANKARA (AA) - Consumer prices in the euro area (EA19) rose 1.9 percent year-on-year in May, EU statistics office Eurostat reported on Friday.

Last month, the annual inflation rate in the euro area climbed 0.6 percentage points from 1.3 percent in April, while the annual inflation rate among EA19 countries was 1.4 percent in May last year.

"In May 2018, the highest contribution to the annual euro area inflation rate came from services, plus 0.72 percentage points," Eurostat noted, followed by energy -- plus 0.58 percentage points -- food, alcohol and tobacco, up 0.50 percentage points, and non-energy industrial goods, up 0.08 percentage points.

According to the official data, the annual inflation rate in the European Union -- including all 28 member countries -- was 2 percent in May, climbing from 1.5 percent in the previous month.

"The lowest annual rates were registered in Ireland (0.7 percent) and Greece (0.8 percent)," the agency said. "The highest annual rates were recorded in Romania (4.6 percent) and Estonia (3.1 percent)."

"Compared with April 2018, annual inflation fell in one member state, remained stable in one, and rose in twenty-six," Eurostat added.

Over the last decade, the highest annual inflation rate in the EU was seen in July 2008, up 4.4 percent. The lowest was in January 2015, at minus 0.5 percent, when prices were in fact dropping.