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EU's annual inflation hits 8.8% in May

Anadolu Agency ECONOMY
Published June 17,2022
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Flags of Europe fly in front of the headquarters of the European Central Bank (ECB) in Frankfurt am Main, western Germany, on June 15, 2022 (AFP)

European Union's annual inflation rate hit 8.8% in May 2022, up from 8.1% in April, according to the statistical office of the bloc.

Last year, the figure was 2.3%, Eurostat said.

The euro area annual inflation rate also increased 8.1% in May 2022, up from 7.4% in April.

The lowest annual rates were seen in France and Malta (both 5.8%) and Finland (7.1%), while the highest annual rates were observed in Estonia (20.1%), Lithuania (18.5%) and Latvia (16.8%).

In May, the highest contribution to the annual euro area inflation rate came from energy (+3.87 percentage points), followed by food, alcohol & tobacco (+1.59 pp), services (+1.46 pp) and non-energy industrial goods (+1.13 pp).