European inflation accelerates to 16-year high

Aug. 1 — Inflation in Europe accelerated to the fastest pace in more than 16 years in July after oil prices reached a record.

The inflation rate rose to 4.1 percent from 4 percent in June, the European Union statistics office in Luxembourg said yesterday. The rate, the highest since April 1992, matched the median estimate of 36 economists. A separate report yesterday showed unemployment remained at 7.3 percent.

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