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EZ FIG at 30-month high

Inflationary pressures in the euro zone reached a 30-month high in March, according to an indicator designed to predict inflation trends from the Economic Cycle Research Institute.

New York-based ECRI said its Eurozone Future Inflation Gauge (EFZIG) rose to 102.7 in March from 102.4 in February, driven by rising pressures in Germany and Spain.

Inflationary pressures in France nudged up slightly in March but remained moderate in Italy.

"Euro zone inflation remains in a strong cyclical uptrend, as anticipated by the earlier upturn in the EZFIG, which hit a 30-month high in its latest reading. Thus, euro zone inflationary pressures are still in a clear cyclical upswing," said ECRI's Lakshman Achuthan.

The European Union's statistics office estimated consumer prices in the 17-nation bloc rose 2.8 percent year-on-year in April, up from 2.7 percent in March.

The European Central Bank kept its key interest rate on hold at 1.25 percent on Thursday, in line with expectations, after a 25 basis point hike in April.