Euro area CPI rises at record pace in June, energy and food prices pace gains

Euro area consumer prices rose at a record clip last, revised data confirmed, pushed higher energy and food prices in particular.

According to Eurostat, the rate of increase in the headline Eurozone Consumer Price Index accelerated from an annual pace of 7.4% in April to 8.1% for May.

In comparison to the month before meanwhile CPI was up by 0.8%.

At the so-called core level meanwhile, which for the European Central Bank excludes energy, food, alcohol and tobacco, CPI was by 3.8% year-on-year.

The rise in core CPI was in-line with expectations and the preliminary reading released earlier in the month, as were the headline CPI readings.

Energy prices rose quickest month-on-month and were up by 1.9% while those for processed food, alcohol and tobacco increased by 1.6%.

Non-energy industrial goods' prices on the other hand rose by a comparatively more restrained 0.6% on the month and those of services and unprocessed food were both higher by 0.4%.

From among the single currency bloc's largest economies, headline CPI in the Netherlands was up by 10.2% year-on-year, followed by gains in Germany, Spain, France and Italy of 8.7%, 8.5%, 5.8% and 7.3%, respectively.