EU Inflation Higher Than Expected
Source: Agencies |
April 16, 2011, Saturday
|
Print Edition
Print Edition
Inflation in the 17 euro countries was higher than first thought during March, official figures showed yesterday, to the likely concern of the European Central Bank which has already started lifting borrowing costs to put a lid on rising prices.
Eurostat, the European Union's statistics office, said eurozone consumer prices rose by 2.7 percent in the year to March, its highest level for nearly 2-1/2 years. March's increase was up from the preliminary estimate of 2.6 percent and markedly higher than the bank's target of keeping inflation "close to but below" 2 percent.
The agency said the main factors behind the increase were transport and housing costs, the former clearly impacted by the sharp rise in energy costs this year in the wake of uprisings in the Arab world.
Yesterday's figures have reinforced expectations there will be more interest rate rises this year.
Eurostat, the European Union's statistics office, said eurozone consumer prices rose by 2.7 percent in the year to March, its highest level for nearly 2-1/2 years. March's increase was up from the preliminary estimate of 2.6 percent and markedly higher than the bank's target of keeping inflation "close to but below" 2 percent.
The agency said the main factors behind the increase were transport and housing costs, the former clearly impacted by the sharp rise in energy costs this year in the wake of uprisings in the Arab world.
Yesterday's figures have reinforced expectations there will be more interest rate rises this year.
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