FXstreet.com (Barcelona) - Inflation at consumer level has hit its highest year on year jump ever, and is ticking up in levels well above the ECB's margin for price stability for its sixth consecutive month, according to data by Eurostat.
Consumer prices have jumped 3.3% on the year in February, which means the highest year ion year inflation growth ever seen, up from the 3.2% increase posted in January. On the month, consumer prices have risen 0.3% following a 0.4% decrease in January.
The main contributors to the yearly increase have been education, which posted a 9.7% growth from February 2007and food and transport, with 5.8% and 5.4% year on year increases, communication was the main deflationary contributor, with a 0.4% decline.
The ball is now in the ECB's roof, as they have repeated several times that controlling inflation is their main goal, the odds for a rate cut in April, thus, have increased considerably today.