EU expects Sept. euro-zone inflation up - but businesses are optimistic
new data showed businesses are optimistic about the European economy despite higher energy prices holding back Europe's sluggish recovery. The first estimate for euro-zone inflation from the EU statistical agency Eurostat did not have a detailed breakdown to explain why the rate rose from 2.2 percent in August. "The economic sentiment indicator for the EU and euro area saw a remarkable increase over summer, defying the uncertainty created by soaring oil prices and the devastating hurricanes in the Gulf of Mexico region," the European Commission said in a survey of business and consumer confidence. It said managers were expecting to step up production. Only French executives were gloomy about their prospects. Consumers in the larger countries also seem bullish about the future. Germany, France and Poland showed an upswing, while Italy remained unchanged. Britain saw a fall in consumer confidence as shoppers desert the high street.
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