Inflation across the euro zone accelerated to 2.4% year-on-year in February, the EU confirmed today as fears mount that rising prices could put a brake on economic growth.
Up from 2.3% in January, the rate is above the European Central Bank's hopes for medium-term inflation at slightly below 2% across the 17-nation currency area.
February marks the third successive month above that target after ECB chief Jean-Claude Trichet warned recently that rising commodity prices means 'strong vigilance' is needed. That harder line was interpreted as signalling an earlier than expected rise in interest rates, possibly in April.
The February rate for the euro zone, pushed up notably by a rise in transport and fuel costs, is the highest since October 2008, when it hit 3.2%. A year earlier the rate was 0.8%.
The rate across the full 27-state EU was 2.8% in February, unchanged from the previous month.
The lowest national annual rate in February was found in Ireland (0.9%), with Romania posting the highest at 7.6%. Eurostat said the main components with the highest annual rates in February were transport at 5.7% and housing at 4.9%. The lowest was for clothing at -2.6%.
