Euro Surges After Inflation Hits New Record High

Euro Surges After Inflation Hits New Record High
Rolled Euro banknotes are placed on U.S. Dollar banknotes in this illustration taken on May 26, 2020. Dado Ruvic/Illustration/Reuters
|Updated:

LONDON—The euro rose for a third consecutive day on Wednesday, coming off a 20-month low last week, as eurozone inflation rose to a new record last month fuelling bets the European Central Bank might raise interest rates sooner than expected.

At 5.1 percent in January, price growth is more than twice the ECB’s 2 percent target.