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Inflation hits 3.2%, highest since 2023: Are ECB rate hikes inevitable?
Eurozone inflation rose to 3.2% in May, the highest since 2023, driven by energy and services. Markets now see an ECB rate hike next week as done deal. Price pressures across the euro area accelerated again in May, as the disruptions from the Strait of Hormuz blockade continued to ripple through energy markets, pushing inflation to its highest level in almost three years and cementing expectations of an imminent European Central Bank rate hike.