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Financial News: Eurozone Inflation Turns Negative Unexpectedly In August

Eurozone Inflation Turns Negative Unexpectedly In August

09/01/2020 - 05:20:00 (RTTNews)

(RTTNews) - Eurozone inflation turned negative unexpectedly in August, preliminary data from Eurostat showed Tuesday.

Consumer prices fell 0.2 percent year-on-year in August, reversing a 0.4 percent rise in July. Prices were expected to climb 0.2 percent.

The European Central Bank aims to keep inflation "below, but close to 2 percent."

Excluding energy, food, alcohol and tobacco, core inflation eased to 0.4 percent from 1.2 percent in July.

Among components, food, alcohol and tobacco prices rose 1.7 percent annually, following a 2 percent rise in July. Energy prices continued to fall but the pace of decline slowed to 7.8 percent from 8.4 percent.

Non-energy industrial goods prices were down 0.1 percent, in contrast to July's 1.6 percent rise. Meanwhile, services cost advanced 0.7 percent in August versus a 0.9 percent rise a month ago.

On a monthly basis, consumer prices declined 0.4 percent in August, data showed.

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