16 Mar '11, 12pm

Eurozone inflation jumps to 2.4%

Eurozone inflation jumps to 2.4%

BRUSSELS : Inflation across the eurozone accelerated to 2.4 percent year-on-year in February, the EU confirmed on Wednesday as fears mount that rising prices could put a brake on economic growth. Up from 2.3 percent in January, according to European Union data agency Eurostat, the rate is above the European Central Bank's hopes for medium-term inflation at slightly below two percent across the 17-nation currency area. February marks the third successive month above that target after ECB chief Jean-Claude Trichet warned recently that rising commodity prices means "strong vigilance" is needed. That harder line was interpreted as signalling an earlier-than-expected rise in interest rates, possibly in April. The February rate for the eurozone, pushed up notably by a rise in transport or fuel costs, is the highest since October 2008, when it hit 3.2 percent. A year earlier the ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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