Brussels, 30/06/2008 (Agence Europe) - According to a flash estimate issued by Eurostat on Monday 30 June, inflation in the euro area has reached a new record of 4% in June, as against 3.7% in May. This is the highest level recorded since the creation of the euro area in 1999. The rise results from both the increase in oil prices, which, on Monday, went above $143 per barrel in London and New York, and the soaring price of foodstuffs. The 4% rate is higher than expected, with most economists forecasting 3.9% in June. It is also double the European Central Bank target of keeping medium term inflation slightly below 2% in the euro area. Inflation has been above the target level since September 2007. Analysts believe that June's record level will strengthen the ECB in its intention of raising its main interest rate by a quarter of a point on Thursday 2 July. This first estimate of June euro area inflation published by the Statistical Office of the European Communities does not include detailed figures. More precise information, on both the euro area and the EU27, will be issued by Eurostat on 16 July (for June), 14 August (for July) and 16 September (for August). The next flash estimates are expected on 31 July for that same month and 29 August. (O.L./transl.rt)