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Euro Inflation Highest in Three Years; Unwelcome Development for ECB

Euro Inflation Highest in Three Years; Unwelcome Development for ECB

2011-10-14 10:14:00
David Schutz,
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THE TAKEAWAY: Euro CPI highest in three years -> new data puts ECB in a tight fix -> Euro stalls ahead of 2-day high

Final EMU consumer price data for September were released today, showing a correlation with predicted numbers as yearly inflation reached its highest level in almost three years, coming in at 3.0%. Monthly data also matched expectations, with prices rising by 0.8% since August. The monthly rise was one of the largest price hikes since the Eurozone’s creation.

A breakdown of the data shows that the price hike was led by Eastern European countries like Romania, which saw a stunning yearly inflation figure of 6.9%. EMU heavyweights Germany and France saw yearly increases of 2.2% and 2.1%, respectively.

The significant acceleration in price action is expected to cause further problems for the European Central Bank as it struggles to find a solution to the ever-looming issue of a possible Greek loan default. The ECB was widely expected to lower interest rates last week in a bid to stimulate the beleaguered European currency; however, it chose not to do this so as to maintain a tighter leash on inflation. The latest data make a downgrade of interest rates ever more unlikely, further limiting the ECB’s options as it searches for an answer.

Market_Alert_body_BOE.png, Euro Inflation Highest in Three Years; Unwelcome Development for ECB

The Euro stopped its climb skyward as the latest data shook the market, falling just shy of reaching a 2-day high at 1.38327 against the Buck, and the dollar rallied slightly as market players feared that their Euros might be worth less than previously believed.

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