Europe’s largest economy, Germany, is reported to have managed to achieve the inflation of 2.4% in the month of August, as per the national statistics office.

Perhaps the inflation is driven from increase in the cost of energy and not to forget, petroleum prices, which recently, faced lot of uncertainties due to running political crisis in Arab nations.

If reports are to be believed, the European Central Bank is of the opinion that euro-region inflation may hit 2.6%, this year and would be pulled down to 1.7% next year.

Contrary to the rising fears related to Euro Zone crisis, it’s being believed in the market that the maximum level of inflation has already been passed, and now, the European Central Bank would be closely watched to see how things are unfolded in the near future.

Moreover, ECB Governing Council member Ewald Nowotny has claimed that things would turn good very soon in the coming year in terms of inflation, as there is a high possibility that the target inflation as set by the ECB shall be achieved.

“Looking ahead, we expect the euro-area economy to grow moderately, subject to particularly high uncertainty and intensified downside risks”, said European Central Bank President Jean-Claude Trichet.