Annual inflation in the eurozone remains unchanged in August at 5.3%, still far from the ECB target

By Euronews with wires

Published on 31/08/2023 - 11:12 GMT+2 •Updated 08/09/2023 - 18:12 GMT+2

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Inflation across the 20 countries that use the single currency remained stable in August at 5.3%, still far away from the 2% target of the European Central Bank.

Germany's central bank anticipates that the country's economy, Europe's biggest, will be more or less stagnant again in the current quarter - adding to a string of weak performances.

German gross domestic product stagnated in the second quarter after declining in both of the two previous quarters as the country struggled with high energy prices, rising borrowing costs and weakness in China, which has been a key trading partner.

The International Monetary Fund forecast last month that Germany would be the globe’s only major economy to shrink this year, even with feeble economic growth around the world amid rising interest rates and the threat of growing inflation.

This is a developing story.

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Annual inflation in the eurozone remains unchanged in August at 5.3%, still far from the ECB target

Inflation across the 20 countries that use the single currency remained stable in August at 5.3%, still far away from the 2% target of the European Central Bank.

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