Inflation rate rise fastest in 2½ years

EUROPEAN inflation accelerated at the fastest rate in two-and-a-half years in April, increasing pressure on the European Central Bank to raise borrowing costs further.

Consumer-price growth in the 17-nation eurozone quickened to 2.8% from 2.7% in March, the European Union’s statistics office in Luxembourg said.

That is in line with an initial estimate on April 29 and the fastest since October 2008. Eurozone exports rose a seasonally adjusted 1.1% in March from February, a separate report showed.