Eurozone Inflation Hits Three-Year High Amid Energy Price Surge

The Eurozone's inflation rate has surged to its highest level in three years. According to the Financial Times, the data shows that the region's annual inflation rate rose to 2% in May from 1.6% in April.

This increase is attributed to higher energy costs and a rise in food prices. The Eurostat agency reported that the main components driving inflation were energy, which saw an increase of 11.5% year-on-year, and food, up by 3.7%.

While still below the European Central Bank's target of just under 2%, this marks a significant jump from last month's rates.