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Mideast unrest threatens eurozone inflation

Mar 01 2011 12:35
AFP

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Brussels - Inflation in the 17-nation eurozone will hit 2.2% this year, higher than estimated, with unrest in the Middle East threatening to increase pressure on energy prices, the European Commission said Tuesday.

The EU's executive arm had previously estimated inflation at 1.8% for 2011 but said "a surge in energy and commodity prices in the last few months has led to an uptick" in the harmonised index of consumer prices.

The commission also warned that turmoil in North Africa and the Middle East could weigh further on inflation in the eurozone.

"Should geopolitical tensions spread further in the Mena (Middle East-North Africa) region, disruptions to oil supply could not be excluded, fuelling oil-price increases beyond what is assumed in this forecast," it said.

eu  |  europe  |  oil  |  libya  |  eurozone
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