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Europe Inflation Accelerates More Than Estimated, Reaches 3.7% - by Fergal O'Brien
The inflation rate in the euro area rose to 3.7 percent last month, the highest since June 1992, from 3.3 percent in April, the European Union's statistics office in Luxembourg said in a statement today. That is higher than the 3.6 percent estimate published on May 30. Soaring commodity prices have pushed up costs for companies and consumers across Europe and at the same time damped spending and threatened economic growth. European Central Bank President Jean-Claude Trichet this month said the ECB may raise its benchmark interest rate a quarter point in July, setting aside concerns about the economy's expansion to combat the fastest inflation in 16 years.
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