Eurozone inflation remain weak, despite of the monetary intervention by the European Central Bank (ECB). In August, prices of goods and services have risen by an average of only 0.2% yoy, according to the latest data from the European statistical office Eurostat. The data are final and coincide with the preliminary data. The Eurozone inflation in July was also at level of 0.2% yoy.
The growth in consumer prices is flagging primarily by energy goods, which in August reported decline of 5.6%. If they are excluded from the calculation, the annual inflation would amount to 0.9%. Food, alcohol and tobacco products rose by 1.3%.
However, the ECB is still quite far away from its inflation target of about 2.0%, which is considered optimal for economic development. The increase is weak and for the third consecutive month after the previous four months were marked or deflation or stagnation in consumer prices.
The annual rate of inflation for the European Union in August amounted to 0.3% compared to 0.2% in July. An year earlier, the value was 0.0%.
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