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. Last Updated: 07/27/2016

Euro Zone Inflation Up

BRUSSELS, Belgium -- Annual inflation in the euro zone spiked higher in March, data released by European Union statistics agency Eurostat showed Friday.

Eurostat said consumer prices in the 11-nation euro zone rose 1.0 percent year-on-year, up from a comparable 0.8 percent rate in February. It was the first rise in the annual rate of inflation since April 1998.

Analysts were not surprised by the figure, attributed to higher oil prices, which surged in March in anticipation of producer cutbacks. They also predicted higher inflation in April as the impact of new "green taxes" in Germany was felt.