Eurozone CPI rises above ECB ceiling

GERMANY - Consumer price inflation in the eurozone rose above the European Central Bank's 2 per cent ceiling in August, weakening any hopes of a rate cut in the near future.

A preliminary estimate from Eurostat on Friday showed inflation at an annual 2.1 per cent in August compared with 1.9 per cent in July, beating economists' forecasts of a rise to 2 per cent.

The flash estimate is based on figures from Germany and Italy, the largest and third largest eurozone economies, and oil price develop