Euro Area May Inflation Preview

Euro area headline inflation is projected to rise to 3.3% in May 2026 due to soaring energy costs, while core inflation is expected to remain stable at 2.2%.

Key Takeaways

• 1.Euro area headline inflation is expected to rise to 3.3% yoy in May 2026, driven primarily by energy price surges.
• 2.Core inflation remains stable at a projected 2.2% yoy, as downward pressure from moderating labor costs balances supply chain and import price hikes.
• 3.Energy prices have seen massive year-on-year jumps (Brent +65%, Gas +34%) due to the ongoing Middle East crisis.

Table of Contents

• Key Forecasts for the Euro area
• Energy
• Food
• Goods and Services
• HICP inflation by country
• Germany
• France
• Italy
• Spain

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