Eurozone's inflation posts a higher-than-anticipated increase.
Previously released numbers show that service costs rose by 4.1% in May. In comparison, they rose by 3.7% in April. Though, the price rise for edibles, beverages, and tobacco decreased a bit from 2.8% to 2.6%.
Costs for energy products did not drop any further. They'd seen a 0.6% decrease in April but upped by 0.3% in May, judging by preliminary figures.
It's predicted that the highest inflation occurrences will happen in Belgium at 4.9%, Croatia with 4.3%, and Portugal with 3.9%. However, small price increases are expected in Latvia at 0.2%, Finland at 0.5%, Italy, and Lithuania, both 0.8%.
Germany has a 2.8% inflation rate in the eurozone, which is the average. Eurostat calculates the harmonized consumer price index for comparison purposes, whereas the Federal Statistical Office employs a different method. The latter forecasted a 2.4% inflation in Germany for May on a Wednesday.
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The Consumer Price Index, as calculated by Eurostat, took a surprising upward turn in the Eurozone, surpassing expectations. This increase was reflected in Luxembourg, where the inflation rate also saw an uptick.
Inflation in Luxembourg, like in the Eurozone, was influenced by various factors, including a slight decrease in the price rise for edibles, beverages, and tobacco, but an upward trend in energy product costs.
The Statistical Office of Luxembourg will release the finalized figures for Luxembourg's inflation rate, providing a more detailed analysis of the impact of changes in consumer prices for goods such as tobacco on Luxembourg's overall inflation rate within the Eurozone.
