It is important to remember the European Central Bank has a sole mandate: to target inflation, not growth. So a 2.2 percent annualized gain in October euro-area consumer prices and a 1.1 percent rise in the core measure reported on Wednesday back up President Mario Draghi's belief that a “relatively vigorous pick-up” in inflation is underway. It helps that Germany, which the Bundesbank says may experience no growth in the third quarter, is one of the main drivers: the country's rate of inflation rose to 2.4 percent in October. There is, as Bloomberg Economics' David Powell notes, a decent body of evidence to suggest ... (full story)