Brussels, 28/05/2004 (Agence Europe) - The rate of inflation in the euro zone went from 2.0% in April to 2.5% in May according to a rapid (and provisional) estimate published on Friday by Eurostat. This is the highest level for two years. Acceleration of inflation was expected given the rise in oil prices. The Eurostat estimate takes account of the data available for three Member States of the euro zone (Germany, Belgium and Italy) and also of the evolution of oil prices.
According to the European Commission, this evolution is neither surprising nor of a kind that should cause concern (especially for data over one month). A Commission spokesperson confirmed that this rise in prices in May is due to the rise in oil prices, recalling that last year oil prices were down. The Commission is not therefore modifying its forecasts on the rate of inflation for the second half of the year, its spokesperson said.
Guy Quaden, Governor of the National Bank of Belgium and also a member of the Governing Council of the European Central Bank (ECB), had declared the day before that the ECB could "not prevent external shocks such as a rise in raw materials on international markets from leading to a temporary rise in inflation".