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Eurozone inflation accelerates

Euro area annual inflation is expected to be 2.4% in January 2011, according to a flash estimate issued by Eurostat, the statistical office of the European Union, on Monday. This was above the European Central Bank’s target of an annual rate “close but below” 2% for the second consecutive month.

Eurzone inflation was 2.2% in December 2010. Before that, inflation was last above 2% in November 2008. The acceleration was the result of rises in food and energy prices.