The annual inflation rate in the European Union (EU) increased to 2.7% in May 2024, from 2.6% in April 2024.
In May 2024, the EU member states with the lowest annual inflation rates were Lithuania (0%), Finland (0.4%) and Italy (0.8%). At the opposite pole, the EU member countries with the highest inflation rates were Romania (5.8%), Belgium (4.9%) and Croatia (4.3%). Compared to April 2024, the annual inflation rate decreased in 17 member states, including Romania, from 6.2% to 5.8%, remained stable in two countries and increased in 14 member states. In the euro zone, the annual inflation rate stood at 2.6% in May, up from 2.4% in April. Eurostat data show that core inflation, i.e. what remains after the prices for volatile goods such as energy and food are removed, rose to 2.9% in May, from 2.8% in April. Another indicator that, in addition to energy and food prices, also excludes cigarette and alcohol prices, rose to 2.9% in May, from 2.7% in April. Core inflation is the indicator closely followed by the ECB when elaborating its monetary policy decisions. Romania’s statistical office INS recently announced that the country’s annual inflation rate dropped to 5.12% in May 2024, from 5.9% in April 2024, with food prices increasing by 1.24%, non-food prices by 6.38%, and services prices by 9.29%.
Macroeconomics
Eurostat: Romania Posts Highest Annual Inflation Rate In The EU For 5th Consecutive Month
Romania had the highest annual inflation rate, of 5.8%, among European Union Member States, for the fifth consecutive month, in May 2024 compared to April 2024, data from Eurostat, the statistical office of the European Union, showed on Tuesday (June 18).