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Eurozone June inflation confirmed at 0.1 pct

Xinhua, July 15, 2016 Adjust font size:

The 19-country eurozone returned to inflation in June with a harmonised indices of consumer prices measuring 0.1 percent in June, up from minus 0.1 percent in May, Eurostat said on Friday, confirming its flash estimate of two weeks ago.

The main driver behind the increase was service prices which were up by 1.1 percent year-on-year. They rose 1.0 percent in May.

Energy prices fell by 6.4 percent from an 8.1- percent drop recorded in May. Month-on-month, they were up by 1.7 percent.

The statistical office of the European Union (EU) said the annual inflation of the wider 28-member EU was 0.0 percent in June, up from minus 0.1 percent in May.

Figures show negative annual rates in June were observed in 13 member states. The lowest annual rates were registered in Cyprus, Bulgaria and Croatia. Meanwhile, the highest annual rates were recorded in Belgium, Sweden and Malta.

The eurozone annual rate was positive in June, but is well short of the European Central Bank's (ECB) target of just below 2.0 percent.

The ECB's governing council is to meet next Thursday to determine whether its measures are sufficient to prevent a deflationary spiral. Endit