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Eurogroup president warns against inflationary risk

03-15-2011 16:22 BJT

BRUSSELS, March 14 (Xinhua) -- Eurogroup President Jean-Claude Juncker on Monday warned against the inflationary risk in the 17- member eurozone, saying the bloc will take "all possible measures" at European and global level to tackle the issue.

"On inflation there has been a significant increase, reflecting the increase of the price of commodities," Juncker told a press conference after chairing a regular meeting of finance ministers of the bloc.

"We are aware that we have to avoid second-round effects, which could give rise to a general inflationary trend in the medium term, " he said.

The president said that the ministers have agreed to keep a very close eye on inflation and will discuss the issue at their next meeting scheduled for next Monday.

"We will continue to follow the situation very closely and we will take all possible measures at the European and global level," Juncker said.

According to the flash estimate of the European Union's statistical office Eurostat, annual inflation in the eurozone rose to 2.4 percent in February, the highest level in more than two years.

The European Commission said that due to the surge in energy and commodity prices, inflation in the eurozone will average 2.2 percent in 2011 and will only decrease toward 2.0 percent at the end of this year.


Editor:Yang Jie |Source: Xinhua

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