Inflation in the 20 countries that use the euro rose 0.5% in August 2023 from the previous month and 5.2% year-on-year, lower than the 5.3% estimate released on August 31.
Euro. (Photo: AFP/VNA)
According to the European Statistical Office ( Eurostat ), consumer inflation in the eurozone in August 2023 eased slightly from the initial estimate, but remained double the European Central Bank 's (ECB) target.
According to Eurostat, inflation in the 20 countries using the euro in August 2023 increased by 0.5% compared to the previous month and increased by 5.2% compared to the same period last year, lower than the estimated 5.3% (compared to the same period last year) announced on August 31.
Eurostat said core inflation, which excludes energy and unprocessed food prices, rose 0.3% month-on-month in August and 6.2% year-on-year, in line with initial estimates.
To cool inflation , the ECB raised its deposit rate to a record high of 4% last week and signaled a possible pause in rate hikes, leading markets to expect the ECB's next move will be a rate cut, possibly as late as spring 2024.
ECB policymaker Peter Kazimir said the latest rate hike could be the last for now, but policymakers will need until March 2024 to be sure, and have not ruled out the possibility of further rate hikes./.
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