-Wolfgang Schaeuble, German Finance Minister
French consumers appeared to be lavish in January, adding to hopes buoyant consumer spending will support recovery of the Euro zone's second biggest economy. Consumer spending in France rose 0.6% in January from the prior month, marking the third consecutive month of increase. Measured on year-over-year basis spending was 2.6% higher, Insee reported. Meanwhile, consumer inflation in the Euro zone's third biggest economy, Italy, rebounded in February following a steep decline in the preceding month. On a monthly basis, Italy's CPI rose 0.3%, while measured in annual terms inflation fell 0.2%, beating expectations for a 0.5% slide.
In Germany, the Bundestag approved the four-month extension of financial aid for Greece, with a paramount majority of lawmakers voting in favour. Being Euro zone's largest economy, Germany's approval of the bailout extension is considered to be extremely crucial. As to the nation's fundamentals, price growth in Germany returned to the green territory in February, preliminary data showed. Inflation climbed 0.1% on an annual basis, following the 0.4% downturn seen in January, according to the Federal Statistics Office. On a monthly basis, the consumer price index added 0.9%, following the steep 1.1% decline in the preceding month. Harmonized Index of Consumer Prices dropped 0.1% year-over-year, compared with the January's 0.5% decline.
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