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INFLATION in the eurozone accelerated in January for the first time in four months, raising expectations that the ECB will further increase interest rates. Consumer prices in the 12 eurozone countries increased 2.4% from a year ago, the highest since September and greater than December's 2.2% rise, according to the latest figures from Eurostat. The ECB aims to keep inflation just below 2%. Oil prices rose 40% in 2005 and jumped 11% last month, coming close to the 30 August record of $70.85 a barrel. ECB president JeanClaude Trichet pledged last week to control inflation and said market bets on another interest rate increase as soon as next month are "reasonable". The bank raised its main rate by a quarter point to 2.25% in December, the first increase in five years.
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