Euro inflation climbs above 2% as ECB chief economist says bank must keep 'open mind' about pace of interest rate cuts

New figures from Eurostat show euro area inflation climbed to 2.2% in November 

Philip Lane, chief economist at the European Central Bank (ECB)

Euro area inflation climbed slightly above the European Central Bank's target of 2% in November, while Ireland recorded the lowest annual rates in the 20-country bloc.

New figures released by Eurostat on Wednesday revealed the annual rate of inflation across the euro area rose to 2.2% last month, up from 2% in October.