Euro-zone inflation jumps in January

Inflation in the 12 nations using the euro accelerated to 2.4 percent in January from 2.2 percent the previous month, according to a first estimate from the EU statistical agency Eurostat.
This is the first rise since inflation spiked at 2.6 percent in September jumping up from 2.2 percent in August as pressure on oil supplies squeezed prices.

Eurostat did not explain the reasons for the increase but will publish more detailed information on prices on Feb. 28.

The European Central Bank's guideline is less than but close to 2 percent.Worries about price stability caused the ECB to raise its key interest rate for the euro zone to 2.25 percent from 2 percent in December, the first increase in five years.

The ECB is anxious to dampen inflationary pressure and is expected to raise rates again this year. However, EU finance ministers have said they do not see the fallout effects of higher oil prices such as demands for wage increases that would justify a series of rate increases.

Underlying inflation in December excluding energy and tobacco was running at a calmer 1.4 percent.