Inflation in the eurozone rose to 2.4 percent in January from 2.2. percent in December, according to the preliminary estimates of Eurostat, European Union's official statistics agency.

The further rise in euro-zone CPI inflation in January will do little to ease the ECB’s fears that inflationary pressures in the region are building, said Ben May, European Economist at research firm Capital Economics.

The European Central Bank's target rate of inflation is below 2 percent.

May however said headline rate of inflation will likely fall back to well below the ECB’s 2 percent “ceiling” later in the year, as the temporary boost from higher food and energy prices begins to reverse.

What’s more, with plenty of spare capacity in the economy and wage growth in the region as a whole slowing, we continue to think that underlying price pressures will remain pretty weak, May said.