Eurozone: Inflation slows, coronavirus weighed on oil

UNITED STATES (OBSERVATORY NEWS) — Eurozone inflation eased in February due to falling energy prices as the spread of the coronavirus epidemic lowered oil prices, the first estimate released Tuesday showed.

The consumer price index calculated according to European HICP standards shows an increase of 1.2% over one year in February, a figure in line with the forecasts of economists questioned by Reuters, after + 1.4% in January.

The slowdown last month is mainly due to the 0.3% drop in energy prices.

So-called basic inflation, that is to say excluding unprocessed food and energy, rose 1.4% on an annual basis in February after 1.3% in January.

If we also exclude alcohol and tobacco, a measure of inflation closely monitored by economists, the rise in prices accelerates slightly, to 1.2% in February against 1.1% in January, still in annual rate.

The unemployment rate, as expected, remained stable at 7.4% in January, Eurostat said. It thus remains at its lowest level since May 2008.


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