Euro Area May Inflation Preview

Goldman Sachs forecasts Euro area headline inflation to rise to 3.26% and core inflation to 2.45% in May 2026. This increase is primarily driven by surging energy costs and firmer services pricing.

Key Takeaways

• 1.Euro area headline HICP inflation is projected to increase to 3.26% yoy in May from 3.03% in April.
• 2.Core HICP inflation is expected to rise to 2.45% yoy, driven by services and core goods.
• 3.Energy inflation is a major upward driver, forecast to reach 11.9% yoy due to Middle East conflict impacts.

Table of Contents

• BOTTOM LINE
• MAIN POINTS
• European Economics Team
• Disclosure Appendix
• Reg AC
• Disclosures
• Global product; distributing entities
• General disclosures

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