Eurozone Inflation Rises as Unemployment Falls to 2009 Lows

Euro zone inflation was stable in July but its core measure, which is closely watched by the European Central Bank, went up to a four-year high against market expectations of a drop, flash estimates released by Eurostat showed on Monday.

In a separate release, the European Union’s statistics office said unemployment in the 19-country currency bloc dropped to its lowest level since 2009, confirming the robust recovery of the euro zone’s economy and giving the ECB more ground for tightening its monetary policy in autumn.

Eurostat estimated that consumer prices in the euro zone were stable at 1.3 percent year-on-year in July, the same as in June and in line with forecasts of economists polled by Reuters.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.