Eurozone Preliminary Inflation surges 8.1% YoY in May

The annualized Eurozone Harmonised Index of Consumer Prices (HICP) soared by 8.1% in May vs. the previous reading of 7.4%, the latest data published by Eurostat showed on Tuesday. The consensus forecast was for a reading of 7.7%. The core figures arrived at 3.8% YoY in May when compared to 3.5% expectations and 3.5% booked in April.

The Euro area figures are reported a day after Germany’s annual inflation for May hit a record high, arriving at 8.7% while beating expectations of 8.0% following a 7.8% increase reported in April.