(BRUSSELS) - Inflation in the 15 nations sharing the euro edged up to a record 3.3 percent in February from 3.2 percent in January, the Eurostat data agency said Friday, revising marginally higher a first estimate.

The rate, revised up from a provisional estimate of 3.2 percent, was the highest level since the eurozone was formed in 1999.

The figures, which came amid record oil prices of more than 100 dollars a barrel, were far above the European Central Bank's comfort zone of just under 2.0 percent.

"The ECB will be mortified to see that eurozone consumer price inflation was revised up to 3.3 percent in February," said economist Howard Archer with consultants Global Insight.

The ECB has repeatedly sounded the alarm recently about inflation threats as the Frankfurt-based central bank faces a growing dilemma of keeping a lid on prices without endangering increasingly weak economic activity.

In its monthly bulletin published on Thursday, the ECB "confirmed the existence of strong short-term upward pressure on inflation," echoing recent comments by bank president Jean-Claude Trichet a week earlier.

"While inflation was pushed up once again by elevated energy and food prices, the ECB will be worried that the longer that headline inflation stays above 3.0 percent, the greater the risk that this will feed through to have serious second round effects," Archer said.

Despite the record headline figure, Eurostat's data showed underlying inflation, when volatile energy and food prices are stripped out, much more tame, rising to 1.8 percent in February from 1.7 percent in January.

However, Jennifer McKeown at consultants Capital Economics said the increase to 1.8 percent was also a bad sign.

"While this is still below December's 1.9 percent, it is very disappointing that core inflation did not fall back more sharply at the start of this year on the anniversary of last January's German VAT (value added tax) hike," she said.

Despite the increase in eurozone consumer prices, inflation across the 27-nation European Union held steady in February at 3.4 percent from January.

Further details - Eurostat

Text and Picture Copyright 2008 AFP. All other Copyright 2008 EUbusiness Ltd. All rights reserved. This material is intended solely for personal use. Any other reproduction, publication or redistribution of this material without the written agreement of the copyright owner is strictly forbidden and any breach of copyright will be considered actionable.