EU inflation edging towards European Central Bank’s target of 2%
Brussels — Eurozone inflation rose to 1.1% in December, the highest level for more than three years, boosted by rising oil prices, according to EU figures issued on Wednesday. The inflation figure was nearly double the 0.6% in November and edging inflation closer to the European Central Bank’s target of 2.0% as a fragile economic recovery continues. Analysts surveyed by financial services provider Factset had predicted 1.0% inflation for the eurozone, the 19-country area that uses the European single currency. The last time inflation was at this level was in September 2013, said EU statistics agency Eurostat. Analyst Howard Archer said the 1.1% figure for December 2016 was "more than originally expected but perhaps less than suspected after German inflation jumped to 1.7%." Energy inflation was at 2.5% but core inflation — stripped of food and oil prices — edged up only to 0.9% from 0.8% in November, Archer noted. The latest figure was boosted sharply by the rise in energy prices tr...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.