At the beginning of 2022, inflation continued to rise sharply in the main Eurozone economies. In May 2022, the Harmonised Index of Consumer Prices (HICP) thus increased by 8.7% year-on-year in Germany, 8.5% in Spain, 7.3% in Italy and 5.8% in France. In these four countries, the rise in the price of energy remained the main contributing factor, both to the high level of inflation reached in May and to its upward momentum for more than a year. In recent months, however, the momentum of food inflation has also contributed signifi cantly to the rise in headline inflation. There can be several reasons for inflation differentials between countries, for example, the household consumption structure, the way prices are fixed, especially energy prices, the economic policy measures taken to support household purchasing power, etc. ...