Eurozone inflation unexpectedly rose to 1.9 per cent in February before the widening conflict in the Middle East sent gas and oil prices surging.
The figure was slightly above economists’ forecast of 1.7 per cent and was 0.2 percentage points higher than in January, although it marked the first time since April 2021 that annual inflation remained below the European Central Bank’s 2 per cent target for two months in a row.
Diego Iscaro, an economist at S&P Global Market Intelligence, said the surprise reading was “certainly not good news” and reinforced concerns linked to the war in the Middle East.
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