FXstreet.com (Barcelona) - Consumer Prices have accelerates in May in the countries sharing the Euro, at levels well above the ECB's margin for price stability, with food and transport posting the highest increases, according to data released by the European Statistics Office.

Consumer prices have increased 0.6% in May from April. Year on year, prices have accelerated to a 3.7% increase, from a 3.3% ear on year rise posted in April. In May 2007, consumer prices rose4 1.9% year on year.

The main components with the highest annual rates in May were food, 6.4% up on the year, and transport, and 5.7% up year on year. Prices for communication posted the largest deflationary contribution, with a 1.7% decline.

Consumer prices are growing at a pace almost twice as the maximum acceptable rate in the margin for price stability established by the European Central Bank, while interest rates have remained unchanged for a year, this reading could put some pressure on the Bank to raise rates on their next meeting.