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News | Wednesday, 17 March 2010

Eurozone inflation falls to 0.9 in February

Annual inflation fell slightly in the 16-nation eurozone to 0.9 percent during February, the first drop since last summer, official figures confirmed yesterday.
The small drop from the 1.0 per cent inflation rate recorded by the EU’s Eurostat data agency in January was confirmed by the EU’s Eurostat statistics bureau, following a flash estimate early in the month.
The dip in the inflation rate in February is the first since the eurozone’s historic low of minus 0.7 per cent in July 2009, when the effects of the global downturn were pulling hard.
The figures come amid high unemployment levels and a falling euro.
For the 27-nation European Union as a whole inflation stood at 1.4 per cent in February, down from 1.7 per cent in January.
The inflation rate remains significantly below the European Central Bank’s (ECB) target of close to but below two percent.
The inflation rates for individual nations varied widely, from a 5.3 per cent annual rise in Romania, and 4.6 per cent in Hungary to negative inflation of 0.9 percent in Portugal and 2.2 percent in the former Celtic Tiger economy of Ireland.
Unemployment in the 16-nation eurozone remained at 9.9 per cent in January, providing more evidence that Europe’s recovery from the worst recession in decades is a largely jobless one.

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17 March 2010
ISSUE NO. 625

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