BUSINESS

Eurozone inflation remains at 0.5 pc

The rate of inflation in the eurozone remained at 0.5 percent in June, marking the ninth consecutive month of below-target growth in the 18 member states, BBC informs. Earlier this month the European Central Bank (ECB) introduced fresh measures designed to boost the eurozone, including a “below-zero” interest rate and cheap, long-term bank loans. ECB president Mario Draghi has referred to inflation below 1 percent as being in “the danger zone”. The bank wants inflation to be near 2 percent. Flash estimates from the EU statistics office, Eurostat, show that the service industry was the only sector to report significant price growth, with a rise of 1.3 percent, but food, alcohol & tobacco prices were down 0.2 percent, and industrial goods remained unchanged.

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