The rate of inflation across the eurozone has leapt to an unexpectedly high rate of 2.7%, despite the recent 0.25% increase in interest rates, prompting some analysts to suggest another rate rise may be imminent to help on the road to economic recovery.
The eurozone rate of inflation has risen to 2.7% last month, according to figures released by Eurostat, prompting increasingly strenuous calls for a further increase in interest rates in a bid to stabilize inflation and help the wider economic recovery.
The jump in inflation surpassed analyst expectations, who had widely predicted a marginal increase in inflation, in spite of moves by the ECB to curb inflationary pressures through increasing interest rates to 1.25%.
The statistics painted a picture of significant division across the eurozone, with as much as 4%-points in difference between the member states with the highest and lowest rates of inflation across an increasingly disparate regional recovery.
The higher than anticipated inflation rates mark the fourth consecutive month of above-target inflation, leading to widespread calls for a further hike in interest rates to dampen further inflationary pressures.
The figures show increased housing costs and persistently high transportation and logistical costs associated with stubbornly high fuel prices as a result of the persistently strong oil market.