The inflation rate in the euro zone hit a new high in May, at 8.1% year on year, Eurostat announced on Tuesday, as the war in Ukraine stokes a spike in energy and fuel prices. feed.

Inflation had reached 7.4% in April for the 19 countries that have adopted the single currency, an estimate revised down by 0.1 point.

These figures are the highest recorded by the European statistics office since the start of the publication of the indicator in January 1997.

Fear around a drop in GDP

Consumer price inflation has hit record highs every month since November.

However, it was announced last year as a temporary phenomenon, linked to the strength of the economic recovery after the shock of the pandemic and the disruption of supply chains.

The invasion of Ukraine by the Russian army at the end of February as well as the Western economic sanctions against Moscow reinforce the surge in prices and raise fears of a sharp drop in the growth of the gross domestic product (GDP).

France relatively spared compared to its neighbors

The strengthening of inflation primarily affects the energy sector (electricity, oil, gas, etc.).

This component of the price index jumped 39.2% over one year in May, after 37.5% in April.

But the increase in food prices (including alcohol and tobacco) is also accelerating to 7.5%, against 6.3% in April.

The acceleration also affected industrial goods (+4.2%, after +3.8%) and services (+3.5%, compared to 3.3% the previous month).

France is relatively less affected than its European neighbors, with 5.8% inflation in May, the second lowest rate in the euro zone behind Malta (5.6%), according to the consumer price index. consumption (HICP) calculated by Eurostat.

Inflation reached 8.7% in Germany.

The highest rates are recorded in the Baltic countries: 20.1% in Estonia, 18.5% in Lithuania and 16.4% in Latvia, countries bordering Russia and particularly exposed to the severance of commercial ties with this country. country.

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