Runaway Eurozone inflation hits fresh high

Annual inflation in the euro area surged in May to a record high of 3.7%, up from 3.3% the previous month.

Eurostat, the European Commission's statistics bureau, had estimated annual inflation for May at 3.6% at the end of last month, but revised this figure upwards on Monday.

The revision adds further support to the view that the European Central Bank almost certainly will raise rates in July.

All of the region's 15 member states now have annual inflation above the European Central Bank's pe