Soaring oil prices fuel jump in European inflation

Berlin - Inflation in the 15-member eurozone surged to 3.6 per cent in May, data released Friday showed, ruling out an early move by the European Central Bank
(ECB) to cut interest rates.

The figures, published by the European Union's statistics office, showed soaring food and oil prices driving up inflation in the currency bloc from 3.3 per cent in April.

The result was to push inflation further away from the target set by the ECB of inflation coming in close to but just below 2 per cent.

The release of the May inflation data also comes ahead of next week's monthly meeting of the ECB when the bank's 21-head rate-setting council is widely expected to leave borrowing costs on hold at 4 per cent for the 12th month in a row. (dpa)

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