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Home BUSINESSEurozone inflation rises to 0.7 % in April
Fri, 16 May, 2014 12:00:46 AM
FTimes- Xinhua Report, May 16
Eurozone annual inflation was 0.7 percent in April, up from 0.5 percent in March, European Union statistical office Eurostat reported Thursday.
Annual inflation for the 28-member EU was 0.8 percent, up from 0.6 percent in March.
Among the EU member states, inflation fell 1.6 percent in Greece and 1.3 percent in Bulgaria, while Austria and Romania recorded the highest increases at 1.6 percent.
Compared with March, annual inflation fell in seven EU states, remained stable in four and rose in 16.
The biggest drivers of inflation were package holidays, tobacco and electricity consumption, while fuel for transport, telecommunications and vegetables had the biggest downward impacts.
Inflation forecasts for the eurozone were 0.8 percent this year and 1.2 percent in 2015, well below the European Central Bank's (ECB) medium maintenance target of below but close to 2 percent.
Some financial analysts have expressed concern low inflation could further subdue consumer demand in the common currency area, making it harder for businesses to create new jobs.
The ECB's board meeting in Brussels decided to keep interest rates unchanged last Thursday. ECB chief Mario Draghi said the bank was "ready to use unconventional tools" to prevent a prolonged period of low inflation. 
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