Eurozone consumer price inflation held at 3.2% in May 2026, the highest since September 2023 and well above the European Central Bank’s 2.0% target. Energy costs led the surge, rising 10.8%, the sharpest increase since February 2023, due to Middle East conflict-related supply constraints. Services inflation accelerated to 3.5% (from 3.0% in April), while non-energy industrial goods prices rose to 0.9% (from 0.8%). Food, alcohol, and tobacco inflation eased to 1.9% (from 2.4%). The core rate, excluding energy and food, climbed to 2.6% from 2.2%, signaling broadening price pressures. Among major economies, inflation rose in Spain (3.6% vs. 3.5%), the Netherlands (3.4% vs. 2.5%), Italy (3.2% vs. 2.8%), and France (2.8% vs. 2.5%), but slowed in Germany (2.7% vs. 2.9%).