Eurozone inflation hit 2.2 percent in December
2011-01-04 18:14:53
The annual inflation in the euro zone hit 2.2 percent in December last year, above the 2-percent target preferred by the European Central Bank, EU statistical bureau Eurostat said on Tuesday.
According to the flash estimate of Eurostat, consumer prices in the 16 countries that shared the single currency euro until December rose above the ECB's target for the first time since November 2008.
The Frankfurt-based ECB preferred to keep the rate "close but below 2 percent" to maintain price stability. Earlier last month, the ECB kept its benchmark interest rate at 1.0 percent, a record low since the euro was adopted in 1999.
In view of the sluggish economic growth of many eurozone countries, analysts believe that the ECB is unlikely to raise its key interest rate any time soon.