Inflation stays high in euro area, while survey points down
Higher prices for transportation fuel, heating oil and dairy products pushed yearly inflation in the euro currency area to record levels in January, while the unemployment rate held at 7.1 percent, the European Union's statistical agency said Friday. Businesses are so far not cutting jobs but companies have mixed views about rocky times ahead, with an EU confidence survey slipping again in February as industry and the services sector were more downbeat while retailers saw sales picking up. The European Commission last week cut its growth forecast to 1.8 percent for the euro zone this year, saying the global economy looked "unusually uncertain" but the slowdown could be short-lived if the U.S. recovers later this year.
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