Eurozone inflation revised down to 2%

BRUSSELS: Eurozone consumer prices rose slightly less than initially estimated in August, final data published by Eurostat showed on Wednesday.

Consumer prices advanced 2.0% year-on-year, unchanged from July's rate. However, the figure was revised down from the 2.1% estimated on September 2. The European Central Bank aims to keep inflation at 2% over the medium term.

Excluding prices of energy, food and tobacco, core inflation remained unchanged at 2.3%, matching the preliminary estimate.

The highest contribution to annual inflation came from services, which advanced 3.1%. The cost of food and tobacco rose 3.2%, while non-energy industrial goods gained 0.8%. Meanwhile, energy prices continued to fall, though the pace of decline eased further, sliding 2.0% after a 2.4% decrease.

The harmonised index of consumer prices posted monthly growth of 0.1%, revised down from the previously estimated 0.2%. Further data showed that inflation in the EU27 also held steady at 2.4% in August. — dpa