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Eurozone inflation low, unemployment high


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Eurozone inflation low, unemployment high

Eurozone inflation remained steady in July, a result of falling energy prices offsetting the impact of a rise in the price of industrial goods.

The rate stayed at 0.2 percent according to Eurostat – the EU’s official statistics agency.

The eurozone emerged from four months of deflation in April but inflation is still below the European Central Bank’s target of two percent suggesting there is still more work to be done.

The ECB has interest rates close to zero and this year began a money-printing quantitative easing scheme, buying government bonds and other assets to pump around 1 trillion euros (1.1 trillion dollars) into the economy so as to boost growth and prices.

Eurostat also said on Friday that unemployment across the eurozone stands at 11.1 percent for the third month in a row.

The lowest jobless rate is in Germany, with 4.7 percent, while the highest, 25.6 percent, is in Greece.

The overall number of people out of work in the eurozone has increased by 31,000 since May.

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