The rate of inflation in the eurozone rose in November, as prices for clothes and tobacco and alcohol increased.
The average inflation rate in the 12 nations that share the single currency was 2.2pc in November after it fell to a three-month low of 2.0pc in October, EU statistics office Eurostat said today.
Prices for alcohol and tobacco products rose 1.7pc on the month, while clothes prices rose 0.7pc. Health and education costs also rose, while prices at hotels and restaurants declined slightly.
Ireland recorded the highest rate among the 12 eurozone members with 3.3pc, followed by Spain at 2.9pc and Italy with 2.8pc. The lowest inflation rates were observed in Finland, with 1.2pc, and the UK, with 1.3pc.
The European Central Bank (ECB) last week raised its forecast for eurozone inflation in 2004 to 1.8pc from 1.6pc previously.
Separately, Eurostat reported today that industrial production rose 1.1pc in October to September, slightly less than consensus expectations of a 1.4pc increase. On a year-on-year basis, production was up 0.9pc.
The monthly increase was led by capital goods production, up 2.4pc, while durable consumer goods rose just 0.7pc. //www.fxcentre.com