Eurozone Inflation Down, But ECB Holds Off on Further Rate Cuts
By Rediff Money Desk, Frankfurt Jul 02, 2024 14:41
Inflation in the eurozone fell to 2.5% in June, but remained above the ECB's target, leading the bank to hold off on further rate cuts.
![Eurozone Inflation Down, But ECB Holds Off on Further Rate Cuts](https://im.rediff.com/news/2024/jan/15inflation.jpg)
Illustration: Dominic Xavier/Rediff.com
Frankfurt, Jul 2 (AP) Inflation in the 20-nation eurozone crept lower to 2.5 per cent in June, but remained stuck above the level favoured by the European Central Bank, which is in no hurry to add more rate cuts after a first tentative reduction in its benchmark rate.
The figure released Tuesday was down from 2.6 per cent in May, welcome news as inflation continues to fall from its peak of 10.6 per cent that robbed consumers of spending power and mired the European economy in months of near-zero growth.
But key indicators Tuesday remained at levels that suggest inflation may remain stuck between 2 per cent and 3 per cent for a while yet. Inflation in services prices ran at 4.1 per cent, unchanged from the month before.
The figure released Tuesday was down from 2.6 per cent in May, welcome news as inflation continues to fall from its peak of 10.6 per cent that robbed consumers of spending power and mired the European economy in months of near-zero growth.
But key indicators Tuesday remained at levels that suggest inflation may remain stuck between 2 per cent and 3 per cent for a while yet. Inflation in services prices ran at 4.1 per cent, unchanged from the month before.
Source: ASSOCIATED PRESS
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 17.03 ( -3.40)
- 81038619
- Sawaca Business Mach
- 0.83 ( -3.49)
- 72401340
- G G Engineering
- 2.29 (+ 9.57)
- 39228764
- AvanceTechnologies
- 0.96 ( -4.95)
- 36563526
- Shree Securities
- 0.38 ( -2.56)
- 25524335
MORE NEWS
![Divine Power...](https://im.rediff.com/80-80/money/2016/jun/08energy.jpg)
Divine Power Energy Shares Surge 284% on Debut
Divine Power Energy Ltd shares closed over 284% higher than its IPO price on Tuesday,...
![RBI Proposes...](https://im.rediff.com/80-80/money/2020/sep/15business-2.jpg)
RBI Proposes Export & Import Regulation Updates
The Reserve Bank of India proposes rationalising regulations on export and import...
![International Toy...](https://im.rediff.com/80-80/money/2023/jan/12toys.jpg)
International Toy Fair in Delhi: Over 100...
Over 300 Indian companies and 100 foreign buyers will participate in the 4-day...