Eurozone Inflation Rises to 3.2 Percent as Energy, Services Costs Climb

The figures add pressure on the European Central Bank ahead of its June 11 rate decision, with markets pricing in another quarter-point increase.

Fuel nozzles at a petrol station in Nice, France, on Jan. 25, 2022. Eric Gaillard/Reuters

Eurozone inflation rose more than expected in May, driven by higher energy prices and a sharp pickup in services costs, according to a flash estimate from the European Union’s statistics office.

Eurostat, the European Union’s statistical office, said on June 2 that energy inflation had the highest annual rate among the main components, rising to 10.9 percent in May from 10.8 percent in April.