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Eurozone inflation rises to 3.2% in May as ECB prepares to raise rates
Eurozone inflation reached 3.2% in May, driven by a Middle East energy shock, marking the highest level in nearly three years. The European Central Bank (ECB) is preparing to raise interest rates in response.
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- April CPI came in hot, rising to 3.8% the highest level since May 2023. Core CPI also moved higher to 2.8%, beating expectations of 2.7%. With oil prices surging, inflation is starting to look uncomfortable again. Now the market is pricing in higher odds of Fed rate hikes.