Inflation Rises in EU

     Annual inflation in the European Union jumped to 4.3% in June, according to today’s bulletin from Eurostat, up from an annual rate of 1.9% a year earlier. As could be expected, the principal components of the increase were transportation and food, where prices are sharply affected by the cost of fuel and the use of cropland to produce ethanol. The northern countries did the best job of holding inflation down with Netherlands hewing to a 1.7 annual rate, the UK with 2.4% and Denmark and Sweden with 2.6%.

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