Business and Economy
Eurozone inflation holds at 2% as euro slumps vs. dollar
Inflation no longer appears to be a pressing concern in the eurozone, holding steady at a level that allows the ECB some breathing space —at least for now.
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By Anadolu, Philippine News Agency
BAKU – Eurozone inflation held steady at 2 percent in July, easing pressure on the European Central Bank (ECB). The euro is on track for its worst week since 2022 amid trade tensions and strong US data, according to Euronews.
Inflation no longer appears to be a pressing concern in the eurozone, holding steady at a level that allows the ECB some breathing space —at least for now.
According to preliminary figures released by Eurostat on Friday, consumer prices rose 2 percent year-on-year in July, the same pace as in June. On a monthly basis, prices were flat.
Although economists had expected a slight dip to 1.9 percent year-over-year, the reading validates the ECB’s strategy following years of persistent inflationary pressure.
Looking at the main categories, food, alcohol and tobacco saw the highest annual inflation rate at 3.3 percent in July, up from 3.1 percent in June.
Services followed at 3.1 percent, down from 3.3 percent, while non-energy industrial goods rose to 0.
8 percent. Energy prices stayed in negative territory at -2.5 percent.
