FXstreet.com (Barcelona) - The annual rate of the M3 money supply increased 11.5% in January in the Euro Area, compared with the 11.6% year-on-year increase posted in December, according to the latest estimation by the European Central Bank.

The three month average of the annual growth has declined to 11.8% in the November-January period, from 12.1% from October to December.

The M1 increased to 4.4% in January 2008, from 4.1% in December 2007, while the growth rate of short-term deposits other than overnight deposits stood at 17.9% in January, compared with 17.8% in the previous month.