P.M. BRIEFING : Oil Fuels European Inflation
Higher oil prices pushed the European Community’s average annual inflation rate in September to 6.1%, the highest level in more than five years, the EC statistics agency Eurostat said today.
The EC rate for September, up from 5.9% in August, compared with 6.2% in the United States and 2.9% in Japan, Eurostat reported.
Eurostat said it was the highest annual inflation rate since July, 1985.
The surge in oil prices after Iraq’s invasion of Kuwait in August pushed up consumer prices an average 0.7% in the EC in September, the agency said.
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