Inflation in eurozone soars to 4.9% – highest since euro was introduced

Some investors accuse European Central Bank to allow inflation to run out of control

Inflation across the 19-member eurozone soared to 4.9% in November, outstripping City forecasts and putting pressure on the European Central Bank to review its policy of ultra-low interest rates.

With some investors reacting to the news by accusing the ECB of allowing inflation to run out of control, the European statistics agency Eurostat said its early flash reading of inflation in November had reached the highest level since relevant records began in 1997, two years before the euro was launched.