BRUSSELS, (AFP) - Inflation across the eurozone accelerated to 2.6 percent year-on-year in March, the EU said Thursday as fears mount that rising prices could put a brake on economic growth.
Up from 2.4 percent 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 two percent 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 their April meeting.
The March rate for the eurozone is the highest since October 2008, when it hit 3.2 percent.
A year earlier the rate was 0.8 percent.