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Euro area annual inflation down to 2.7% in May 2011

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Euro area annual inflation was 2.7% in May 2011, down from 2.8% in April. A year earlier the rate was 1.7%. Monthly inflation was 0.0% in May 2011.

EU annual inflation was 3.2% in May 2011, down from 3.3% in April. A year earlier the rate was 2.1%. Monthly inflation was 0.1% in May 2011.

These figures come from Eurostat, the statistical office of the European Union.

Inflation in the EU Member States

In May 2011, the lowest annual rates were observed in Ireland (1.2%), Sweden (1.7%) and the Czech Republic (2.0%), and the highest in Romania (8.5%), Estonia (5.5%) and Lithuania (5.0%). Compared with April 2011, annual inflation rose in fourteen Member States, remained stable in four and fell in nine.
The lowest 12-month averages up to May 2011 were registered in Ireland (-0.2%), Sweden (1.5%) and the Netherlands (1.6%), and the highest in Romania (7.5%), Greece (4.8%) and Estonia (4.5%).

Euro area

The main components with the highest annual rates in May 2011 were transport (5.3%), housing (4.7%) and alcohol & tobacco (3.3%), while the lowest annual rates were observed for communications (-1.0%), recreation & culture (0.0%) and household equipment (1.0%). Concerning the detailed sub-indices, fuels for transport (+0.48percentage points), heating oil (+0.15) and electricity (+0.12) had the largest upward impacts on the headline rate, while telecommunications (-0.12), rents (-0.08) and cars (-0.07) had the biggest downward impacts.

The main components with the highest monthly rates were food (0.5%), alcohol & tobacco, clothing and hotels & restaurants (0.3% each), while the lowest were recreation & culture (-0.5%), transport (-0.4%) and communications (-0.3%). In particular, fruit (+0.04 percentage points) and milk, cheese & eggs (+0.02) had the largest upward impacts, while package holidays (-0.05), fuels for transport and heating oil (-0.04 each) had the biggest downward impacts.

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