Inflation rises in the EU

The annual inflation rate for the euro area was 2.6% last month, up from 2.4% in April, Eurostat reported Tuesday. This time last year, the rate was 6.1%. In the European Union, annual inflation for May was 2.7%, a rise from 2.6% in April — but similarly down from the 7.1% rate seen a year ago. Latvia, Finland and Italy posted the lowest annual rates, while Romania, Belgium and Croatia saw the highest.