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Despite the robust performance of Germany's economy and rocketing oil prices, economic output from the private sector across the 15-country region grew at its slowest rate since June 2003, according to the Financial Times.
As a result there is a real risk of rising inflation, with rates expected to rise much higher than last month's level 3.3 per cent, with some analysts estimating the possibility of four per cent inflation.
The service sector was hit hardest by the slowdown, with increasing energy costs, the strength of the euro and economic downturn in the US among the factors behind it.
Analysts also say that the European Central Bank - which aims to safeguard the value of the euro - has little room to manoeuvre due to the "stagflationary impact" of high oil prices.
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