The annual rate of inflation in the eurozone rose in May to hit the European Central Bank's target for the first time since late 2018
The annual rate of inflation in the eurozone rose in May to hit the European Central Bank’s target for the first time since late 2018, as energy prices surged in response to a strengthening recovery in the global economy.
The pickup in price rises comes before a June 10 meeting of policy makers at the eurozone’s central bank, which will consider new economic forecasts and whether to continue stimulus programs launched early in the pandemic. The central bank’s March forecasts saw inflation reaching 2% only in the final three months of this year. But figures released by the European Union’s statistics office Tuesday showed that inflation had already reached that level.Consumer prices were falling as recently as December. The speed of the turnaround will likely energize a debate among policy makers about whether the pickup is a temporary consequence of economies reopening—or something more durable.
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