Eurozone inflation surges to 4%

Euro-area annual inflation is expected to have soared to a fresh high of 4% in the year to June, data released Monday revealed.

The rise was slightly higher than the 3.9% that analysts predicted and all but confirms a European Central Bank (ECB) rate increase on Thursday.

Malcolm Knight, the departing general manager of the Bank for International Settlements, said on Monday he was confident that the ECB would manage to reduce inflation to its discretionary inflation target of below but close t