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Almunia's inflation concerns ahead of ECB rate meeting

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Almunia's inflation concerns ahead of ECB rate meeting

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EU Economic and Monetary Affairs Commissioner Joaquin Almunia has expressed concern over current inflation levels and said that the European Central Bank must follow its price stability mandate.

At the same time, ECB President Jean-Claude Trichet has said that there is a risk inflation will “explode” if the bank does not act decisively to counter it.

Both men spoke on the eve of a European Central Bank’s governing council meeting that is widely expected to increase the ECB’s key interest rate.