World Economy

Eurozone in Deflation

Eurozone in DeflationEurozone in Deflation

Prices of goods sold by manufacturers in the eurozone continued spiraling down in July on an annual basis, data showed on Friday, underlining the subdued inflation pressures in the common currency area, WBPonline reported. According to fresh data from the EU’s statistical office, Eurostat, the annual producer price index fell 2.8% in the seventh month of the year, following the 3.1% downturn seen in June. The index hasn’t risen since June 2013, when it accelerated 0.3%. Analysts had expected a 2.9% fall in July. Month-on-month, factory gate inflation rose 0.1% during the reported month, after adding a revised up 0.8% a month before.