The European Commission has raised its 2008 inflation estimate for the eurozone from 2.6 to 3.2 percent while slightly trimming its growth forecast to 1.7 percent, down from 1.8 percent.
The Commission said in its spring Economic Forecast that record oil and food prices were taking their toll on growth and inflation while financial market turmoil and a US slump were proving to be worse than previously expected. The Commission also raised its inflation estimate for the 27-nation European Union from 2.9 to 3.6 percent. But it stuck to its estimate for 2.0 percent economic growth.
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