Thursday, March 1, 2012

Euro zone official inflation at 2.7% in February

BRUSSELS (AFP) - Euro zone inflation crept up to 2.7 per cent in February, official figures showed on Thursday after a slight downwards revision the previous month.
The European Union (EU) figure marks the 15th month running for which inflation was above the European Central Bank's target for price stability of below or close to 2.0 per cent, having peaked at 3.0 per cent in September.
The data was released by Eurostat alongside its latest unemployment rate for the currency area, which hit an all-time record of 10.7 per cent in January.
London-based IHS Global Insight analyst Howarch Archer said it amounted to a 'double whammy of bad news' for the euro zone, hours from the start of an EU summit in Brussels.

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