As per the statistics office Euro stat of Europe, there is slight consumer price hike in the month of February due to rising oil prices and a cold snap in Europe, which has resulted in inflation for the euro zone to rise to 2.7 percent. Earlier in the month of January, it was recorded comparatively lower i.e. 2.6 percent. Although, due to slump in the economy of the euro zone, and the decrease in the prices of goods, fuel and food helped inflation come down from 3 percent. But oil prices by hitting record highs again in euro terms last month, undermined the improvement which eventually caused inflation to take downturn again.
Euro stat reported that the rate of inflation, leaving volatile energy and food prices, was annually 1.9 percent only till end of January, but the banks are targeting to keep it below or somewhere close to 2 percent over the medium term. European households may be little relaxed with the falling prices, but the euro zone is absolutely not. The reason being that the euro zone is unfortunately once again going to head into its second recession in three years. As a result, euro zone will be facing unemployment as one of the biggest challenges. A summit which is going to be held at Brussels on Thursday and Friday will not be restful.
The unemployment statistics of people who work in euro zone has surprisingly risen to 10.7 percent in January, earlier in the month of December, it was reported 10.6 percent. The present rate of unemployment is much higher than before, which was only 8 percent till 2000 when the circulation of euro coins and notes began. Consequently, the fortune of euro zone has completely been outshined by the latest higher figure which masked the north-south split. The whole Europe has severely been affected by unemployment, which can simply be understood if we look at the unemployment percentage in Spain which has risen to 23.3 in January; the highest ever level among seventeen nations currency area, but Austria being least affected suffered 4 percent only. In this economic slump get quick cash with the help of text loans no credit check and get quick funds and settle your urgent needs.
According to the latest record of Euro stat, a huge number of another 185,000 people all across the euro zone have lost their job in January in comparison to December. In a Reuters poll, European economists made their forecast that the unemployment would remain below 10.4 percent, but the recent rise is much higher than that. On the other hand, in an EU survey released last week, the business managers are still hopeful that they are able to hire new staff and boost their business confidence.