ECB under pressure as eurozone inflation jumps to 3.2%

(Sharecast News) - Eurozone inflation rose to 3.2% last month an official flash estimate showed on Tuesday as higher energy prices caused by the US-Israel war on Iran and Lebanon put the European Central Bank under more pressure to lift interest rates.

The figure compares with 3% in April - well above the ECB's 2% target. Policy makers at the central bank meet next week to vote on rates.

Energy inflation rose to 10.9% in May, while services rose by 3.5% year on year.

Reporting by Frank Prenesti for Sharecast.com