The oil shock caused by the Iran war drove eurozone inflation up to 3.2% on the year in May from 3% in April, the EU's Eurostat office reported in Luxembourg on Tuesday in an initial estimate.
The European Central Bank has set a medium-term target of 2.0% for the 21-member eurozone.
Analysts expect the ECB to react at the next meeting of its Board of Governors on June 11 by raising its key rate for the first time this year from currently 2%. ECB President Christine Lagarde recently made clear that the bank was prepared to act.
"Inflation could exceed 3% for months, insofar as the Strait of Hormuz is not opened soon, against expectations," Commerzbank chief economist Jörg Krämer said. He noted that surveys also indicated that businesses in the eurozone were passing costs on to customers.
"There is nothing for the ECB to do other than raise their key rates at the meeting next week. They could raise them again after the summer break," Krämer said.
Energy costs rose in May by 10.9% on the year, while service costs were up by 3.5% and food, alcohol and tobacco were up 2%.
Higher ECB rates are expected to put a lid on inflation by dampening demand, but they are also an additional burden on the weak eurozone economy.
