Eurozone unemployment rises to record of 12.1% in MarchApril 30, 2013 - 14:57 AMT PanARMENIAN.Net - Inflation across the 17 European Union countries that use the euro fell to its lowest level in over three years in April, official figures showed Tuesday, April 30, in a development that will pile pressure on the European Central Bank to cut its main interest rate, The Associated Press reported. Eurostat, the EU's statistics office, said consumer prices rose 1.2 percent in the year to April, way down on the 1.7 percent rate recorded in March and markedly below market expectations for a modest decline to 1.6 percent. The preliminary April rate was the lowest since February 2010. Eurostat indicated that falling energy prices were largely behind the fall as well as lower service sector inflation. A fuller explanation behind the drop will emerge in a more detailed report in May. However, the fall in inflation could well mean that the ECB cuts its main interest rate from the already all-time low of 0.75 percent at its monthly meeting on Thursday, despite some reservations from some on the rate-setting governing council. That pressure on the ECB now is even more acute as Eurostat also reported that unemployment in the eurozone rose to another record of 12.1 percent in March from the previous month's 12 percent. The unemployment statistics mask huge differences across the eurozone and puts the ECB's dilemma in sharp relief. While Germany, Europe's largest economy, has an unemployment rate of just 5.4 percent, others such as Spain are languishing with a record jobless rate of 26.7 percent. Greece has the highest unemployment rate in the eurozone though its figures are compiled on a different timeline. In January, its jobless rate stood at 27.2 percent. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |