Breaking: Eurozone Preliminary Inflation surges 8.1% YoY in May vs. 7.7% expected

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 Friday. The consensus forecast was for a reading of 7.7%.

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.

The bloc’s HICP figures hold significance, as it helps investors assess the European Central Bank’s (ECB) monetary policy normalization path.

more to come ...