Eurozone inflation rises sharply to 1.7 percent: EU

BRUSSELS: Twelve-month inflation in the 16-nation eurozone is expected to rise sharply to 1.7 percent in July, European Union figures showed on Friday.

It marks the highest figure since November 2008, when inflation stood at 2.1 percent.

The rate had slipped to 1.4 percent in June, but has risen almost continuously from 0.5 percent last November as the bloc emerged from the worst recession since the 1930s.

It nevertheless remains below the European Central Bank's core economic target of close to but below two percent.