Eurozone: Iran war drives May inflation rate to 3.2 percent

The surge in oil prices following the Iran war fuelled inflation in the Eurozone in May.

Consumer prices rose by 3.2 percent year-on-year. This was announced by the statistics office Eurostat in Luxembourg on Tuesday, according to an initial estimate. In April, the inflation rate stood at 3.0 percent.

Economists had, on average, expected this development. The European Central Bank (ECB) is aiming for a medium-term annual inflation rate of two percent.

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