Services prices push euro area CPI higher in May

(Sharecast News) - The cost of living in the single currency bloc rose a tad last month as the cost of services picked up. According to Eurostat, the euro area's harmonised consumer price index edged up at a month-on-month clip of 0.2%.

That served to push the year-on-year rate of increase from 2.4% in April to 2.6% for May.

Tuesday's readings were in line with the preliminary estimates that had been published at the end of the previous month.

Prices of services rose by 0.7% in comparison to April and those of non-energy industrial goods were flat, but those of energy fell by 1.2%.

Food, alcohol and tobacco prices meanwhile edged up by 0.2%.

At the core level, which excludes energy, food, alcohol and tobacco, CPI was 0.4% higher on the month and by 2.9% in annual terms.

One year before headline CPI had been running at a pace of 6.1% year-on-year.

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