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7-Year High in Euro Inflation Pressures

Euro zone inflation pressures rose to a seven-year high in December and look set to climb further, a forward-looking indicator showed on Friday.

The Eurozone Future Inflation Gauge, which aims to predict cyclical turns in inflation in the region, rose to 108.5 in December from 108.2 in November.

The series was lifted by higher German and Italian inflationary pressures, offset in part by declining pressures in France and Spain.

The jump will offer no relief to the European Central Bank concerned by rising inflation while growth is likely to cool fast going forward.

"As anticipated by the earlier upturn in the EZFIG, inflation in the euro zone remains in a cyclical uptrend," the accompanying report said.

This comes after news on Thursday showed official inflation for the euro zone rose to a record high of 3.2 percent in January, according to preliminary data.