Inflation in Greece saw a notable rise in May, reaching 3.3%, up from 2.6% in April, according to figures released by Eurostat on Tuesday. This increase contrasts with the broader trend in the eurozone, where inflation eased to 1.9%, down from 2.2% the previous month.

Despite the Greek government’s frequent claims of ongoing economic improvement, particularly from the ruling New Democracy party, the latest Eurostat data paints a more cautious picture, highlighting a significant month-on-month rise in inflation.

More specifically, annual inflation in Greece reached 3.3% in May, up from 2.6% in April. Meanwhile, the eurozone’s annual inflation rate fell to 1.9% from 2.2% the previous month.

Breaking it down further, while Greece saw prices climb, the eurozone as a whole experienced a modest drop in annual inflation. Food, alcohol and tobacco were the largest contributors to eurozone inflation in May, with prices up by 3.3% compared to 3.0% in April. Services followed at 3.2%, although that figure marked a slowdown from 4.0% in April. Prices for non-energy industrial goods remained steady at 0.6%, and energy prices continued to fall, staying at -3.6%.

Among eurozone countries, the highest inflation rates were recorded in Estonia (4.6%, up from 4.4%), Croatia (4.3%, up from 4.0%), and Slovakia (4.3%, up from 3.9%). On the lower end of the scale were Cyprus (0.4%, down from 1.4%), France (0.6%, down from 0.9%), and Ireland (1.4%, down from 2%).

Looking at the bigger economies, Germany’s inflation dipped slightly to 2.1% in May from 2.2% in April. Italy saw a similar decline to 1.9% from 2.0%, and inflation in Spain also eased to 1.9%, down from 2.2%.

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