Euro zone inflation rises to 30-month high

| May 16, 2011 | 0 Comments
Euro zone inflation rises to 30-month high

According to figures from Eurostat today, euro zone inflation edged higher to 2.8% last month from March’s figure of 2.7%.

The figure, which was more than expected, is the highest since October 2008 and comes as food and energy prices continue to rise.

Last month, the European Central Bank (ECB) raised interest rates from 1% to 1.25% - the first time in almost three years in a bid to fight inflation.

Last month represented the fifth consecutive month in which inflation was above the 2% target set by the central bank.

The figures come just a few days after Eurostat revealed the 17-member euro zone economy grew by 0.8% in the January to March period – up from 0.3% in the previous quarter.

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