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Eurozone price growth slowed to near-standstill in August
Inflation in the 19-country eurozone fell to 0.1 per cent in August, revised data showed Wednesday, in a sign that a unsafe spell of falling prices could be returning to Europe. That marks a downward revision to Eurostat’s flash estimate of 0.2 per cent and pushes annual inflation further away from the ECB’s target of just below 2 per cent.
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The implementation of the ECB’s asset purchase programme for Cyprus, which has a non-investment grade sovereign rating and does therefore not meet the main eligibility criterion of the European Central Bank, became possible after the successful completion of the sixth and seventh bailout programme review.
FRANKFURT, Sept 16 Euro zone governments have recovered less than half of the financial aid provided to banks since the global financial crisis, the European Central Bank said, pointing out that the outstanding guarantees pose an additional risk.
ECB President Mario Draghi hinted this month that the bank is ready to give the eurozone a bigger dose of stimulus, which could involve buying more bonds or extending the length of the program. But when consumer prices weaken too much, or fall outright, consumers may delay purchases and companies may be less inclined to invest because of uncertainty over their future revenues. So we are very far from what the major central banks have done using these instruments.
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Core inflation, a measure that excludes volatile energy and unprocessed food prices, stood at 0.3 percent month-on-month and 0.9 percent year-on-year in August, the same as previously estimated and unchanged from July. In the first quarter, labor costs had increased by 1.9%.