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Financial News: Eurozone Inflation Steady At 1.5%

Eurozone Inflation Steady At 1.5%

09/29/2017 - 07:52:00 (RTTNews)

(RTTNews) - Eurozone inflation held steady in September, while core inflation logged a slight slowdown, flash data from Eurostat showed Friday.

Inflation came in at 1.5 percent in September, the same rate as seen in August. Economists had forecast the rate to rise slightly to 1.6 percent.

Inflation continues to stay well below the European Central Bank's target of 'below, but close to 2 percent'.

September's weaker-than-expected Eurozone inflation data will not stop the European Central Bank from announcing in October its plan to taper its asset purchases next year, Jack Allen, an economist at Capital Economics, said.

But the data suggest that the Bank will proceed cautiously when it comes to normalizing monetary policy, the economist added.

Core inflation that excludes energy, food, alcohol and tobacco, eased marginally to 1.1 percent from 1.2 percent in the previous month.

Because of the erratic behavior of energy prices, inflation is likely to remain volatile in the months to come, though the upward trend remains muted, Peter Vanden Houte, an ING economist said.

Food price inflation rose to 1.9 percent in September from 1.4 percent in the prior month. Non-energy industrial goods prices climbed 0.5 percent for a third month.

Meanwhile, energy price growth eased to 3.9 percent from 4 percent and services cost climbed 1.5 percent following a 1.6 percent increase in August.

Final inflation data for September is scheduled for October 17.

Among major Eurozone economies, Germany's EU harmonized inflation held steady at 1.8 percent in September. France's HICP inflation climbed to 1.1 percent from 1 percent in August.

Meanwhile, Spain's inflation eased to 1.9 percent from 2 percent and Italy's rate fell to 1.3 percent from 1.4 percent.

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