Annual inflation in the eurozone is expected to reach 3.2 percent in May, up from 3.0 percent in April, the highest level in nearly three years, showed data released Tuesday.
Energy prices remained a key driver of inflation in May, rising 10.9 percent year-on-year, slightly higher than the 10.8 percent increase in April. Services inflation rose to 3.5 percent from 3.0 percent a month earlier, according to a flash estimate by Eurostat, the statistical office of the European Union.
Among the eurozone's largest economies, Germany's annual inflation rate is expected to be 2.7 percent in May, down from 2.9 percent in April. France's inflation is estimated to rise to 2.8 percent from 2.5 percent, Italy's to 3.3 percent from 2.8 percent, and Spain's to 3.6 percent from 3.5 percent. Germany was the only one of the four major economies to report a lower inflation rate than in the previous month, according to Eurostat data.
The European Commission said in its Spring Economic Forecast that the energy shock was pushing up inflation and weighing on economic growth.
The eurozone comprises 21 EU countries that share the euro currency, following Bulgaria's accession in January.
Eurozone inflation rises to 3.2 pct in May
