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Consumer price inflation in the Euro zone during the month of July hit an eight-month high, staying marginally higher than the market consensus. However, this is good news for the 19-country bloc as inflationary pressures seem to hit the zone after a four-month deflationary episode in June.
Inflation in the 19 countries bloc increased to 0.2 percent year-on-year in July from 0.1 percent in June, data released by statistics agency Eurostat showed Friday. The figure defied market expectations, as economists polled by Reuters had expected inflation to remain at 0.1 percent in July, the same figure recorded in June.
In addition, core inflation, which excludes the most volatile components of unprocessed food and energy, was unchanged at 0.8 percent, in line with market expectations. Excluding energy, food, alcohol and tobacco products, the inflation rate remained stable at 0.9 percent.
Further, a larger fall in energy prices than in June was offset by higher inflation in the other components of the indicator. Energy prices dropped by 6.6 percent year-on-year, more than the 6.4 percent fall recorded in June.
But prices in food, alcohol and tobacco products went up 1.4 percent, much higher than the 0.9 percent rise in June. In the services sector, the largest in the euro zone economy, prices slightly rose 1.2 percent year-on-year, from 1.1 percent in the previous month.
Meanwhile, so-called deflation is likely to weigh on economic activity as consumers delay spending priorities in anticipation of lower prices further out and businesses grow increasingly reluctant to invest and hire.
