Eurozone inflation hits record high

Eurozone inflation has climbed to its highest level since the European Central Bank was founded in 1999, an early estimate shows.

Inflation surged to 3.2% in the 12 months to January, up from 3.1% the previous month, data from Eurostat, the European Commission's statistics bureau, indicate.

With inflation at a record high, the European Central Bank is likely to maintain its moderately hawkish stance and now looks certain to hold rates at its meeting on 7 February, despite fears of a global slo