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Eurozone annual inflation stands still in August

Eurozone annual inflation stands still in August

Mubasher: Final reading suggested that the Eurozone annual inflation grew at 1% in August, unchanged from the rate in July, according to official figures released on Wednesday.

Annual inflation in the European Union (EU) grew at 1.4% last August, stabilising from the preceding month, the EU statistical office Eurostat said.

Inflation rates in the Eurozone and the EU came in at 2.1% and 2.2%, respectively a year earlier.

The Eurostat said that the biggest contribution came from the service sector at 0.60% during last month, followed by 0.40% for food alcohol and tobacco, 0.08% by non-energy industrial products, and 0.06% for the energy producing segment.

The lowest annual rates were recorded in Greece at 0.1%, and Spain at 0.4%, while inflation turned into deflation in Portugal at 0.1%.

On the other hand, the highest inflationary levels were recorded in Romania at 4.1%, Hungary at 3.2%, with the Netherlands and Latvia logging a rate 3.1%.

By 9:17 am GMT, the EUR/USD pair dropped by 0.31% to $1.1039.