EU says Euro inflation retreats to 1.6% in August

Inflation across the 16-nation eurozone retreated to 1.6 percent in August, having hit a near two-year high in the summer, new European Union data confirmed on Wednesday.

The 12-month rate slipped from 1.7 percent in July, although a year earlier Brussels had logged 0.2 percent deflation, underlining Europe’s emergence from the world’s worst recession since the 1930s.

Inflation in the single currency area in July was the highest since November 2008, when it stood at 2.1 percent — just above the European Central Bank’s core economic target of 2.0 percent.
Source: AFP