28th February 2014
The euro has strengthened in forex trading markets today (February 28th), following the publication of latest eurozone inflation figures.
According to the report from Eurostat, annual inflation across the region remained steady at 0.8 per cent in February. This is up from the preliminary reading of 0.7 per cent released earlier in the month.
The organisation said food, alcohol and tobacco made the greatest contributions to rising consumer prices, while energy prices have fallen, weighing on the figure.
Although this result is ahead of expectations, it is the fourth consecutive month in which the rate has been less than half the European Central Bank's (ECB's) two per cent target.
Speaking yesterday, ECB president Mario Draghi said the eurozone is "clearly not in deflation", but noted policymakers are prepared to act if necessary.
Following the release of the data, the shared currency advanced strongly against the dollar and was trading up by 0.68 per cent at $1.3805 as of 10:25 GMT.
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