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Financial News: ECB Says Recent Inflation Spike Has No Impact

ECB Says Recent Inflation Spike Has No Impact On Outlook

02/02/2017 - 06:05:00 (RTTNews)

(RTTNews) - The recent spike in euro area inflation recently is largely led by oil prices and hence, is transient that will prompt policymakers to look through the same as it has no impact for the outlook for price stability, the European Central Bank said in a report released Thursday.

"As expected, headline inflation has increased recently, largely owing to base effects in energy prices, but underlying inflation pressures remain subdued," the ECB said in its first economic bulletin for the year. The bank releases the report eight times a year, two weeks after each policy session.

"The Governing Council will continue to look through changes in HICP inflation if judged to be transient and to have no implication for the medium-term outlook for price stability," the bank said.

In January, headline inflation accelerated to a four-year high of 1.8 percent from 1.1 percent, led by a jump in energy prices. Core inflation, which excludes energy, food, alcohol and tobacco prices, was 0.9 percent in January, unchanged from December.

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