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Eurozone inflation jumps to 2.6 percent in March

Eurozone inflation jumps to 2.6 percent in March

March 31st, 2011 in News

LONDON (AP) ) - Official figures show that inflation in the 17 countries that use the euro spiked higher than expected in March to the likely concern of policymakers at the European Central Bank.

Eurostat, the EU's statistics office, said Thursday that consumer prices in the eurozone were 2.6 percent higher in March than the year before. That's way above the central bank's target of keeping inflation at "close to, but below 2 percent."

The increase was bigger than anticipated. The consensus in the markets was that inflation would remain at 2.4 percent.

Eurostat provided no details as to why inflation rose. Fuller details will emerge in April though rising energy and food costs are thought to be behind the increase.