Inflation in the 15 countries sharing the euro snapped back to a record 3.6 percent in May amid soaring oil prices, according to a first estimate from the EU's Eurostat data agency on Friday.

The 12-month inflation rate had eased in April to 3.3 percent after hitting 3.6 percent in March, the highest level since the launch of the euro in 1999.

Recent record oil and food prices have pushed inflation higher, putting additional strain on consumers and businesses already struggling with slowing economic growth.

The bounce-back to 3.6 percent in May took eurozone inflation further away from the European Central Bank's comfort zone, which it defines as annual consumer price growth of close to but less than 2.0 percent.

There's nothing the central bank can do about this inflation either on the upside or on the downside. It's not something that lends itself to monetary solutions. Differing perspectives on what the bank should do by the EU governments (mostly false, but erring on both sides) mean that it will likely do nothing. This should hopefully open a possibility for real long-term solutions through industrial and transportation policy.