Eurozone Feb inflation hits ECB’s 2.0pc target

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Brussels

Eurozone inflation accelerated to 2.0 percent in February for the first time since 2013, hitting the European Central Bank’s target as its stimulus plans appeared to be paying off and consumers put aside Brexit and US uncertainties, EU data showed Thursday.
Unemployment in the 19-country single currency area in January meanwhile was 9.6 percent, unchanged from December but holding at its lowest rate since May 2009, Eurostat said.
Analysts at Factset had expected 2.0 percent inflation after prices jumped 1.8 percent in January following 1.1 percent in December, and the latest figures suggest the economy continues to pick up. The Eurostat statistics service said the last time inflation was at 2.0 percent was in January 2013.
Inflation is a key indicator of underlying consumer demand and the ECB adopted its 2.0 percent target with the aim of ensuring a modest but sustained increased in prices, the sign of a healthy economy.—AFP