Eurozone consumer prices declined in August, as initially estimated, final data from Eurostat showed Thursday.
Consumer prices fell 0.2 percent year-on-year in August, reversing a 0.4 percent rise in July. This was the first decline since May 2016. The rate came in line with the estimate released on September 1.
The European Central Bank aims to keep inflation “below, but close to 2 percent.”
On a monthly basis, consumer prices decreased 0.4 percent as initially estimated in August.
Core inflation that excludes volatile energy, food, alcohol and tobacco, eased to a record 0.4 percent from 1.2 percent in July. The core rate also matched preliminary estimate.
According to the latest ECB staff macroeconomic projections, consumer prices will rise 0.3 percent this year and advance to 1 percent in 2021.
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