Eurozone, EU annual inflation gains slight momentum in February

Eurozone, EU annual inflation gains slight momentum in February

Mubasher: The final reading indicated that the Eurozone annual inflation edged up to 1.5% in February, from 1.4% in January, according to official data released on Friday.

Annual inflation in the European Union (EU) also inched up to 1.6% last February, from 1.5% in the previous month, the EU statistical office Eurostat said.

A year earlier, the rate was 1.1% and 1.4% in the Eurozone and the EU, respectively.

The Eurostat’s figures showed that the service sector was the biggest contributor to the Eurozone inflation at 0.61% during the month, followed by 0.44% for food alcohol and tobacco, 0.35% for the energy segment and 0.09% by non-energy industrial goods.

The largest annual rates were observed in Romania at 4%, Hungary at 3.2% and Latvia at 2.8%, whereas the lowest inflationary levels were seen in Ireland at 0.7%, while Greece, Croatia and Cyprus all recorded 0.8%.

By 10:07 am GMT, the EUR/USD pair went up 0.17% to $1.1323.