World Economy

Eurozone Inflation Steady

Eurozone Inflation SteadyEurozone Inflation Steady

Eurozone inflation remained steady in July, a result of falling energy prices offsetting the impact of a rise in the price of industrial goods, Euronews reported. The rate stayed at 0.2% according to Eurostat, EU’s official statistics agency. The eurozone emerged from four months of deflation in April but inflation is still below the European Central Bank’s target of 2% suggesting there is still more work to be done. The ECB has interest rates close to zero and this year began a money-printing quantitative easing scheme, buying government bonds and other assets to pump around €1 trillion ($1.1 trillion) into the economy so as to boost growth and prices. Eurostat also said on Friday that unemployment across the eurozone stands at 11.1% for the third month in a row. The lowest jobless rate is in Germany, with 4.7%, while the highest, 25.6%, is in Greece. The overall number of people out of work in the eurozone has increased by 31,000 since May.