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Inflation accelerates in eurozone

July 1, 2013 at 9:46 AM

BRUSSELS, July 1 (UPI) -- The annual inflation rate rose from 1.4 percent to 1.6 percent from May to June in the 17-member eurozone, Eurostat said Monday.

The consumer price index released by the European Commission's data agency is considered a flash estimate, which could be revised.

The inflation rate a year earlier stood at 2.4 percent.

While remaining under the European Central Bank's target of 2 percent or less, the inflation rate has climbed two ticks higher for two months.

The inflation rate stood at 1.2 percent in April, climbed to 1.4 percent in May and hit 1.6 percent in June.

The rate started the year at 2 percent and slipped steadily until a turnaround in May.

Eurostat said food prices were steady from May to June but posted an annual inflation rate of 3.2 percent.

Energy costs slipped 0.2 percent from May but are at an annual rate of 1.6 percent.

Prices for non-energy industrial goods rose 0.7 percent an an annual basis and 0.8 percent month-to-month.

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