12:25<\/span><\/span><\/p>\nThe eurozone’s inflation rate edged up to to 2.8% in April from March’s figure of 2.7%, according to official data from Eurostat.<\/p>\n
The increase takes inflation further away from the European Central Bank’s target of just below 2%.<\/p>\n
The cost of raw materials and high energy prices have contributed to the increase.<\/p>\n
The ECB started raising rates in April from their record low, with a quarter point increase to 1.25%.<\/p>\n
The rise in the inflation rate will put pressure on the ECB to raise interest rates further.<\/p>\n
“It’s slightly higher than consensus but that wasn’t a complete surprise. We saw from Germany and Spain, which already published numbers, that it could go this way,” said Piet Lammens, economist at KBC.<\/p>\n
“However, I can imagine that some market participants will expect the rate increase by the European Central Bank at an earlier date. We expected June, the market is still expecting July. I guess the consensus will now move to June,” he added.<\/p>\n
However, policymakers at the ECB will also be keenly aware of the austerity measures in countries such as Greece, the Irish Republic and Portugal.<\/p>\n
If rates in such countries were to rise, on top of the austerity measures being implemented, the return to growth for the eurozone as a whole might be threatened.<\/p>\n<\/div>\n
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