Eurozone inflation in Feburary estimated at 2.4 percent

08:30, March 02, 2011      

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Annual inflation in the euro zone rose to 2.4 percent in Feburary, the highest level in more than two years, according to the flash estimate by the EU's statistical office Eurostat on Tuesday.

This is the third consecutive month that the inflation rate of the eurozone breached the "close but below 2 percent" target preferred by the ECB to maintain price stability since November 2008, when the rate was 2.1 percent.

In December, consumer prices in the eurozone was 2.2 percent and 2.3 percent in January.

According to the interim forecast of the European Commission, due to surge in energy and commodity pricies, inflation in the eurozone will average 2.2 percent in 2011 and will only decrease toward 2.0 percent at the end of this year.

Source: Xinhua
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