Euro-zone CPI Accelerates at Fastest Pace in Nearly 16-Years
Euro-zone CPI Accelerates at Fastest Pace in Nearly 16-Years
Inflation in the Euro-zone accelerated at 3.5 percent in March from a year earlier according to initial estimates issued by the EU’s statistics office, marking the fastest pace in nearly 16-years. Rocketing energy and food costs are the primary driver of these gains, and they are leaving European Central Bank President Jean-Claude Trichet in a precarious situation. Indeed, as Trichet maintains his staunchly hawkish bias and reiterates the need to maintain price stability, growth in the Euro-zone is slowing and many financial markets are facing a lingering credit crunch. As a result, the ECB is widely expected to keep rates on hold throughout the first half of 2008, but the Bank will likely continue to inject liquidity into the overnight money markets in an attempt to ease some of the financial turmoil.
DailyFX
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