Euro area CPI jumps in May as energy and services prices snap higher

Revised data confirmed May's acceleration in the cost of living in the euro area on the back of sharp increases in energy and services prices.

According to Eurostat, the single currency bloc's Consumer Price Index advanced at a month-on-month pace of 0.3%.

That took the annual rate of gain from 1.6% in the month before to 2.0%.

Pacing increases were energy and tobacco prices, which shot up by 13.1% and 1.9%, respectively, versus April.

Services prices also rose sharply, jumping by 1.1% on the month, as did prices of non-energy industrial goods, which were 0.7% dearer in May.