2023-08-01 10:12:08
BRUSSELS – Eurozone inflation is at its lowest level in more than a year, signaling at least a fresh rebound for the second month in a row. Inflation eased to 5.3 percent last month,
The EU statistics agency Eurostat said on Monday that it was down about 1 percent from May. Inflation rate was 5.5 percent in June from 6.1 percent in May. Inflation in the eurozone, which has a population of 346 million, is at its lowest level since 2022. Meanwhile, Eurostat reported 0.3% growth in the eurozone economy in the April-June period.
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Ireland’s economy grew by 3.3%, while France and Spain grew above the Eurozone average, at 0.5% and 0.4% respectively. But the euro economy is under continued pressure. The economy is struggling following interest rate hikes by the European Central Bank as it seeks to bring inflation back to its 2% target over the long term. Interest rates have been raised nine times in a row. Then mortgage rates went up and construction projects were abandoned.
Inflation in Eurozone member Germany was 6.2% in July.
English Summary: Eurozone annual inflation rate dropped again
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