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Eurozone inflation makes surprise rise of possible 2.7% in September

BRUSSELS -- Inflation in the 17 countries that use the euro rose unexpectedly in September, hitting expectations that the European Central Bank could soon cut interest rates.

Eurostat, the EU's statistics office, says the inflation rate for September is likely to be 2.7 percent compared with the year before, up from the previous month's 2.6 percent. The consensus in the markets was for a decline to 2.4 percent.

Since the ECB's mandate is to keep price rises just below 2 percent, the surprise increase in September could hit market expectations of another rate cut. Many economists have forecast another rate cut this year from the current record low of 0.75 percent.

No reasons for the increase were provided by Eurostat.

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