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Eurozone inflation weak due to low energy costs, Eurostat confirms


economy

Eurozone inflation weak due to low energy costs, Eurostat confirms

It has been confirmed that eurozone inflation slipped back into negative territory in February.

It was down 0.2 percent from the same month last year. For the entire European Union inflation was also -0.2 percent in February.

The European Union’s statistics office said consumer prices went up by 0.2 percent from January, higher than its preliminary estimate.

Core inflation, that is without more volatile prices for energy and unprocessed food, was up by 0.8 percent year-on-year.

Energy – transport fuel, heating oil and gas – was the main drag on inflation in the 19 countries that use the euro.

The figures were released days after the European Central Bank slashed its inflation forecast for this year to 0.1 percent from its previous estimate of 1.0 percent.

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