Eurozone Inflation Rate Climbs To 1.5%

1st September 2017

The inflation rate in the eurozone rose to 1.5 per cent in August, higher than analysts were expecting, according to Eurostat, the European Union's statistics office.

The inflation rate in the eurozone rose to 1.5 per cent in August, higher than analysts were expecting, according to Eurostat, the European Union's statistics office.

The preliminary estimate for the month was up from July's rate of 1.3 per cent.

Inflation in the Eurozone remains well below the European Central Bank's (ECB) target of just under 2 per cent.

The biggest driver of inflation was the cost of energy, which went up by 4 per cent. Processed food, alcohol and tobacco prices increased by 2 per cent. Core inflation was unchanged at 1.2 per cent.

The figures could put pressure on the European Central Bank to tighten its monetary policy when policymakers meet next week.

Separately, the unemployment rate in the eurozone was unchanged at 9.1 per cent in July, its lowest since February 2009, also according to Eurostat.

Malta was among the countries that recorded the lowest unemployment rates in July at (4.1 per cent), along with the Czech Republic (2.9 per cent) and Germany (3.7 per cent). The highest unemployment rates were in Greece (21.7 per cent in May 2017) and Spain (17.1 per cent).


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