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Eurozone consumer price inflation rose to 3.2% in May 2026, up from 3.0% in April and in line with market expectations, according to preliminary estimates. This is the highest rate since September 2023 and remains well above the European Central Bank’s 2.0% target.
Energy prices jumped 10.9%, the sharpest increase since February 2023, driven by supply disruptions linked to the conflict in the Middle East. Price growth also strengthened in services (3.5% vs. 3.0% in April) and in non-energy industrial goods (0.9% vs. 0.8%), while inflation for food, alcohol, and tobacco eased to 2.0% from 2.4%.
The core inflation rate, which excludes energy and food, increased to 2.5% from 2.2%, indicating that price pressures are broadening beyond the energy sector.
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Among the major Eurozone economies, inflation accelerated in Spain (3.6% vs. 3.5%), the Netherlands (3.4% vs. 2.5%), Italy (3.3% vs. 2.8%), and France (2.8% vs. 2.5%), but edged lower in Germany (2.7% vs. 2.9%).
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