From the Wires
Euro Area Inflation Rate to Stay at 2.2%, Reports Currencies Direct
By: PR Newswire
Jan. 14, 2013 04:01 AM
LONDON, January 14, 2013 /PRNewswire/ --
Latest figures shows euro zone inflation rate will remain unchanged at 2.2% - the same as in November
The Euro area inflation rate is expected to remain at 2.2%, according to Currencies Direct, one of Europe's leading non-bank providers of currency exchange.
Latest figures published by Eurostat, a directorate-general of the European Commission, predicts the inflation rate for the euro zone area will remain unchanged for a second successive month.
The news will come as a disappointment to European finance ministers following positive efforts to reschedule Greece's debt burden and bolster the euro's performance on foreign exchange markets.
In November euro zone finance ministers finally agreed to reschedule Greece's debt, offering several measures to help alleviate the country's financial deficit. Ministers hope the agreement will cut Greece's debt by up to 20 percent of GDP by 2020 - with the promise of more if the country sticks to its own strict adjustment programme.
Taking a closer look at some of the euro zone's major industries, energy (down 0.5% from 5.7% in November) was expected to have the highest rate in December, followed by food, alcohol and tobacco (up 0.1% from 3.0% in November), services (up 0.25% from 1.6% in November) and non-energy industrial goods (remaining unchanged at 1.1% November).*
*Stats from Eurostat
About Currencies Direct
Currencies Direct is one of Europe's leading non-bank providers of currency exchange payment services. Since its formation in 1996 Currencies Direct has evolved and positioned from being an innovative service provider of foreign exchange for consumers and high net worth individuals into a dynamic and pioneering 'business to business' fully integrated treasury solution service provider.
Headquartered in the City of London (United Kingdom) with operations in Europe, Africa, Asia and the United States, Currencies Direct is part of the Azibo Group, a privately owned investment company.
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