Eurozone inflation rises to 1.6% in May

09:14, June 17, 2010      

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The annual inflation rate in the eurozone rose slightly to 1.6 percent in May from 1.5 percent in April, the European Union (EU)'s statistics bureau Eurostat said Wednesday.

Fuel for transportation and heating oil continued to be the largest upward contributions as the price of transportation increased by 5.5 percent, the highest among the main components involved in the inflation rate, followed by the prices of alcohol and tobacco.

The annual inflation in the EU kept stable at 2 percent compared with previous month, said the Eurostat.

Among the EU member states, the highest inflation rate was registered in Greece at 5.3 percent, followed by Hungary and Romania, while the lowest rate was recorded in Latvia at -2.4 percent. Germany and France, the two largest economies in the EU, saw an inflation rate of 1.2 percent and 1.9 percent respectively.

The inflation rate in the eurozone has become closer to the 2-percent ceiling preferred by the European Central Bank to maintain price stability.



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