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Eurozone Inflation Exceeds Target For First Time Since 2018

Eurozone consumer price inflation surpassed the central bank's target for the first time in more than two years in May, final data from Eurostat showed on Thursday.

Consumer price inflation climbed to 2.0 percent from 1.6 percent in April. The rate came in line with the flash estimate published on June 1.

The actual inflation was the fastest since 2018. The European Central Bank targets inflation "below, but close to" 2 percent.

The increase in inflation was largely driven by a 13.1 percent rise in energy prices. Food, alcohol and tobacco prices gained 0.5 percent and services costs advanced 1.1 percent. Prices of non-energy industrial goods were up 0.7 percent.

Core inflation, which excludes prices of energy, fresh food, alcohol and tobacco, accelerated to 1.0 percent from 0.7 percent in April. The rate was revised up from 0.9 percent.

Compared to the previous month, consumer prices rose 0.3 percent in May, in line with the flash estimate.

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