EZ Flash CPI Unexpectedly Rises at 2.7% - 28.9.2012
The Eurozone Consumer Price Index flash estimate for September stands at 2.7 per cent, up from 2.6 per cent in August according to the Statistical office of the European Union. Economists were anticipating a flash CPI release at 2.5 per cent however it was surprisingly higher.
Additionally, Eurostat reported that the highest influence in the increasing CPI is expected to be by the energy sector with estimated increase in prices of 9.2 per cent in September compared with 8.9 per cent in August. The Inflation declined from 2.7 per cent in January to 2.4 per cent in July rising up again to 2.7 per cent in September weakening the possibility of a rate cut by ECB next week. The single currency is moving upwards in the intraday against the greenback, limited by barrier at 1.2958 after the release of EZ Flash CPI.