Eurozone annual inflation up 2.6% in August

The statistics office of the European Union, Eurostat, expected an annual inflation rate in the Eurozone to reach 2.6% in August 2012. The annual inflation rate was 2.4% in July, according to primarily data by the Eurostat. The August rise in consumer prices in the 17 member currency bloc pushed inflation further away from the ECB’s 2 percent annual target, German news agency DPA reported. The publication of the data formed part of the buildup to a key meeting Thursday of the ECB’s governing council, which is expected to consider plans to reactivate the bank’s government bond-buying programme.