Data released moments ago by Eurostat, the statistical office of the European Union, showed that inflation in the euro zone rose to 5.1% in the estimated reading in January, up from 5% in December, while expectations indicated a decline to 4.4%.

The rise in inflation in January was supported by the rise in energy prices at the highest annual pace by 28.6. Food, alcohol and tobacco prices rose by 3.6%, while the services sector settled at 2.4%.

The main index, or the core, which excludes energy, food and alcohol prices, fell by about 2.3% in January’s reading from 2.6%, but it came better than expectations that indicated a rise to 1.9%.

The euro against the US dollar regained 1.13 levels, which it lost for four consecutive sessions, to trade at 1.1304 levels, with an increase of more than 30 points.