Eurostat, the European Union’s statistical office, released figures moments ago showing that annual inflation in the Eurozone rose to 3.2% in May, up from 3.0% in April, matching market expectations.

The largest contributor to inflation in May was the energy sector, which jumped 10.9% after growing 10.8% in April. Services rose 3.5% from 3.0% in April, while the food, alcoholic beverages, and tobacco sector slowed to 2.0% from 2.4%. The non-energy industrial goods index rose 0.9% from 0.8%.

The core index, which excludes food and energy prices, rose 2.5% in May compared to 2.2% in April, exceeding market expectations of 2.4%.