Inflation across the euro zone accelerated to 2.6% year-on-year in March, the EU said today as fears mount that rising prices could put a brake on economic growth.
Up from 2.4% in February, according to European Union data agency Eurostat, the rate is now significantly above the European Central Bank's hopes for medium-term inflation at below 2% across the 17-nation currency area.
March marks the fourth successive month above that target, and makes it a racing certainty that the ECB will raise interest rates, probably as early as its April meeting next week.
The March rate for the euro zone is the highest since October 2008, when it hit 3.2%. A year earlier the rate was just 0.8%.
