Inflation in euro region unexpectedly hits record in test for ECB

Inflation in the euro region accelerated beyond already record levels, defying expectations for a slowdown and complicating the task for European Central Bank officials who insist the current spike is temporary. The euro strengthened.

Consumer prices jumped 5% from a year earlier in December -- faster than the previous month’s 4.9% gain and more than the 4.8% median estimate in a Bloomberg survey of economists. A measure that strips out volatile components such as food and energy came in at 2.6%, matching November’s reading.

Economic confidence in the euro area, meanwhile, slipped by more than analysts forecast amid the emergence