Harmonized inflation increases to over one-year high in May

Latest reading: Harmonized inflation rose to 4.3% in May from April’s 3.9%. May's figure marked the highest inflation rate since January 2024 and was among the highest rates in the Euro area. The acceleration was broad-based, with greater price pressures recorded for food and non-alcoholic beverages, transportation, and housing and utilities. Annual average harmonized inflation ticked up to 3.5% in May (April: 3.4%). Meanwhile, consumer price inflation rose to 4.1% in May from the previous month's 3.7%. Lastly, harmonized consumer prices increased 0.52% over the previous month in May, accelerating from April's 0.09% rise. May's uptick marked the highest reading since January.

Panelist insight: Commenting on the outlook, Marian Kocis, analyst at Erste Bank, stated: “An important factor influencing the development of inflation this year is the energy price cap reintroduced by the government, which has helped push inflation down while complicating consolidation efforts. In the months ahead, we still anticipate a slight acceleration in year-on-year price growth, potentially peaking in the summer.”

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