Eurozone inflation below target
By Pan Pylas |
December 1, 2010, Wednesday
|
Print Edition
Print Edition
INFLATION in the 16 countries that use the euro remained below the European Central Bank's target of 2 percent during November, while the unemployment rate rose to a 12 year high in October, official figures showed yesterday.
In its preliminary estimate, Eurostat, the European Union's statistics office, said consumer price inflation rose 1.9 percent in the year to November for the second month running. The ECB's target is to keep inflation "close to, but below" 2 percent.
A number of analysts said inflation would rise to 2 percent or even higher amid rising energy and commodity costs.
Even though inflation could rise a little above the 2 percent threshold in the coming couple of months, most analysts said that price pressures remain fairly well-contained and that, as a result, the ECB will likely keep its main interest rate unchanged at the record low of 1 percent for many months to come, if not for all of 2011.
Higher interest rates are the last thing many of the eurozone's indebted countries, such as Ireland, Portugal and Spain, need at the moment.
Instead, the ECB is likely to confirm that it will maintain special post-crisis measures to give banks cheap and easy access to liquidity when it completes its latest policy meeting tomorrow.
In its preliminary estimate, Eurostat, the European Union's statistics office, said consumer price inflation rose 1.9 percent in the year to November for the second month running. The ECB's target is to keep inflation "close to, but below" 2 percent.
A number of analysts said inflation would rise to 2 percent or even higher amid rising energy and commodity costs.
Even though inflation could rise a little above the 2 percent threshold in the coming couple of months, most analysts said that price pressures remain fairly well-contained and that, as a result, the ECB will likely keep its main interest rate unchanged at the record low of 1 percent for many months to come, if not for all of 2011.
Higher interest rates are the last thing many of the eurozone's indebted countries, such as Ireland, Portugal and Spain, need at the moment.
Instead, the ECB is likely to confirm that it will maintain special post-crisis measures to give banks cheap and easy access to liquidity when it completes its latest policy meeting tomorrow.
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