On Friday official reports stated that Unemployment Rate in the single currency zone hit a new record high during April, while consumer prices inflation increased by a relatively low rate. Such situation could undeniably put pressure on European Central Bank to accelerate its growth-targeting policy and also keep the current course of cost reduction.
It became clear that Unemployment Rate rose to 12.2% during April, or in other words, the highest level since the start of statistical research during 1995. This data surpassed previously reported rate of 12.1%. Preliminary estimates were confirmed, as this showed that both consumers and corporate sector obviously continued to experience the effects of contracting economy and budget restrictions.
Additionally, Flash Harmonized Index of Consumer Prices (HICP) in the Euro zone showed slight acceleration to 1.4% during May on annual basis, compared to the 1.2% rate during April, when consumer prices recorded lowest level during the last three years.
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