Thursday, 17 June 2021

European Union Annual Inflation Accelerates in May, Highest in Croatia Since Joining EU

ZAGREB, 17 June 2021 - Annual inflation in the European Union and the euro area in May reached its highest level in nearly two and a half years, while consumer prices in Croatia increased the strongest since the country joined the EU, according to a report released on Thursday by the EU statistical office, Eurostat.

The EU inflation rate rose to 2.3% in May, its highest level since October 2018, from 2.0% in April.

In the euro area, the inflation rate was 2.0%, up from 1.6% in April, also its strongest increase since October 2018.

In May 2020, when economic activities and social life virtually came to a standstill due to the COVID-19 pandemic, inflation amounted to 0.6% in the EU  and 0.1% in the euro area.

Croatia alongside Germany, Spain, and Sweden

The highest annual rates were recorded in Hungary (5.3%), Poland (4.6%), and Luxembourg (4.0%).

Croatia ranked alongside Germany, Spain, and Sweden with an annual inflation rate of 2.4%, the highest increase since August 2013. In April the annual inflation rate in Croatia was 2.1%.

In May last year, prices in Croatia fell by 0.7% on the year.

The lowest inflation in May was registered in Portugal and Malta at 0.5% and 0.2% respectively.

The only country to register a decrease in prices was Greece (-1.2%).

For more about politics in Croatia, follow TCN's dedicated page.

Search