Eurozone inflation rate increases to 2.4%

  The increase could put pressure on the ECB to raise interest rates

The eurozone's inflation rate rose to 2.4% in January, which was higher than analysts had expected and up from December's figure of 2.2%.

The increase takes inflation further away from the European Central Bank's target of just below 2%.
The data may increase pressure on the ECB ahead of a meeting this week when it is due to review interest rates.
However, some analysts expect the bank to leave rates unchanged in expectation of cooling inflation later this year.
"While January's increase to 2.4% was at the top end of expectations, the ECB is very aware that consumer price inflation is being pushed up primarily by higher energy, commodity and food prices and the bank seems prepared to look through this for now," said Howard Archer, economist at IHS Global Insight.