Eurozone Inflation at 27-Month High

February 1st, 2011
in News

Yahoo News:  Consumer price increases in the 17 countries that use the euro have accelerated further above the European Central Bank's target, just days ahead of its monthly policy meeting, official figures showed Monday.

Follow up:

Eurostat, the EU's statistics office, said that consumer prices were 2.4 percent higher in January than the year before — a 27-month high. January's increase was up from December's 2.2 percent gain and ahead of expectations for a 2.3 percent rate.

No further details were provided but higher energy and commodity costs are expected to have been behind the rise. A more detailed picture of inflation during the month will be published later in February.

The increase is likely to stoke jitters at the European Central Bank, which is tasked to keep inflation "close to, but below 2 percent."  Read more at Yahoo News.....

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