ECONOMY

Eurozone core inflation revised up, helping euro to soar

eurozone-core-inflation-revised-up-helping-euro-to-soar

Official figures show that underlying inflation pressures in the 19-country eurozone were not as subdued in February as initially thought, a development that's helped the euro post solid gains.

The European Union's statistical agency said Thursday that the core rate, which strips out energy, food, alcohol and tobacco, was 0.8 percent in the year to February, up from the initial estimate of 0.7 percent.

The headline number, which includes all those typically more volatile items, was left unchanged at minus 0.2 percent. The negative rate was the main reason behind the European Central Bank's decision last week to expand its stimulus measures for the eurozone economy.

Following the figures, the euro was trading 1 percent higher at $1.1328.

[AP]