Euro Area May Inflation Review

Euro area inflation rose to 3.19% in May 2026, driven by a sharp increase in core inflation and services contributions. The reading exceeded economist expectations for core prices but was slightly lower than predicted for the headline rate.

Key Takeaways

• 1.Euro area annual headline inflation rose to 3.19% in May 2026, up from 3.03% in April.
• 2.Core inflation significantly exceeded expectations, reaching 2.55% compared to a 2.21% estimate.
• 3.Services are now the primary driver of inflation, contributing 1.61 percentage points to the headline figure.

Table of Contents

• Flash estimate
• Overview of country breakdown
• Head of CIB Research
• Head of Macro & Financial Institutions Research
• Head of Europe Macro research
• Financial Institutions
• France, Belgium, Euro Area
• Germany, Euro Area
• Covered Bonds
• Spain, Italy, Greece, Portugal, Euro Area
• Inflation, Macro modeling, Euro Area
• CEMEA
• UK, Nordics, Real Estate
• Assistant Economists
• Data base
• Disclaimer

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