Euro zone inflation rises to 2.7% in March

| April 16, 2011 | 0 Comments

Eurostat has revealed inflation in the 17-member euro zone rose to 2.7% in March - remaining above the European Central Bank’s (ECB) target of just below 2%.

Rising inflation in the region led the ECB to lift interest rates this month from 1% to 1.25% – for the first time in almost three years.

The ECB has previously suggested inflation in the euro zone will remain above 2% this year.

Many major economies are battling with higher inflation, which is rising due to higher energy, commodity and food prices.

Many central banks across the world have lifted interest rates in a bid to tame inflation and the problem is particularly rife in Asia.

In related news, yesterday the US Labor Department revealed consumer prices climbed to 2.7% in March from 2.3% in February.

Furthermore, figures revealed India’s inflation rate surged to 8.9% last month from 8.3% in February.

India’s inflation rate is the highest among the Group of 20 leading nations, due to soaring food costs.

Finally, Chinese inflation rose to a 32-month high of 5.4% in March on an annual basis from February’s level of 4.9%.

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