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Euro zone inflation spikes


Euro zone inflation spikes


More expensive fuel for transport and higher food prices were behind a spike in inflation in the euro zone in December.

Energy prices were 11 percent up on one year earlier.

The European Union’s Eurostat statistics agency said consumer prices rose 0.6 percent from November and year-on-year it hit 2.2 percent which is the highest annual rate since October 2008.

ECB President Jean-Claude Trichet warned on Thursday that prices need to be monitored very closely and stressed that euro zone interest rates – currently at one percent – were set at levels to ensure price stability.

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