Euro Area: The Lost of Confidence Amid Record Inflation

(01 June 2022) European consumers are beginning to feel the impact of global energy and food crisis. Latest data from Eurostat, shows that consumer price inflation in Euro area in May 2022 accelerated to record high of 8.1% year-over-year.

  • High prices for energy commodities and food push up general CPI index. In May 2022, consumer prices for energy and food increased 39.2% and 7.5% year-over-year, respectively.
  • Amid rising consumer prices, consumers in Euro area are losing confidence. According to Eurostat, consumer confidence in Euro area in March-May 2022 dropped to -21.2%, which is comparable to the periods of The Great Recession and coronacrisis.
  • According to the latest available data from Eurostat,  manufacturing producers in Euro area increased output prices by 17.8% in March 2022, which points to high potential for cost-push inflation.
Euro Area: Harmonized Index of Consumer Prices (HCPI), Y/Y % Untitled Euro Area: Core HCPI Y/Y Untitled
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