Series of rate rises likely as euro zone inflation comes in higher than forecasts

The ECB has raised rates by 3 percentage points since the summer and has signalled it intends to raise borrowing costs by a further half-point this month. Photograph: Krisztian Bocsi/BloombergEuro zone inflation fell less than many economists forecast in February, fuelling expectations that the European Central Bank will raise interest rates several more times this year.

Consumer price growth eased slightly to 8.5 per cent in the year to February, from 8.6 per cent in January, as prices for services, goods and food rose faster even though energy price growth slowed. Economists polled by Reuters had expected the figure to fall to 8.2 per cent. Core inflation, which central bankers watch closely as it excludes energy and food prices to give a clearer picture of underlying pressures, rose to a new euro zone record of 5.6 per cent — up from 5.3 per cent in the previous month.

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