Business Irish

Saturday 21 October 2017

Eurozone deflated in September

Consumer prices fell. Deposit Photo.
Consumer prices fell. Deposit Photo.

Annual inflation in the Eurozone turned negative in September due to sharply lower energy prices, the EU's statistics office confirmed yesterday, maintaining pressure on the European Central Bank to increase its asset purchases to boost prices.

Eurostat said consumer prices in the 19 countries sharing the euro fell by 0.1pc in the year to September, dipping below zero for the first time since March, and confirming its earlier estimate.

Compared to the previous month, prices were 0.2pc higher in September.

Eurostat said milk, cheese and eggs were cheaper, while heating oil and motor fuel stripped almost a full percentage point from the annual rate. Restaurants and cafes, vegetables and tobacco had the biggest upward impact. (Reuters)

Irish Independent

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