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News : EU Economy Last Updated: Jul 31, 2011 - 1:25 PM


Eurozone annual inflation is expected to be 2.5% in July down from 2.7% in June
By Finfacts Team
Jul 29, 2011 - 10:09 AM

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Jean-Claude Trichet, president of the European Central Bank, at a press conference at the end of an emergency Eurozone summit, Brussels, July 21, 2011.

Eurozone annual inflation is expected to be 2.5% in July 2011 according to a flash estimate issued by Eurostat, the statistics office of the European Union. It was 2.7% in June.

The target inflation rate of the European Central Bank is "below but close to" 2%  and earlier this month, the Bank raised its benchmark interest rate to 1.50% from 1.25%.

Computation of flash estimates: Eurozone inflation is measured by the Monetary Union Index of Consumer Prices (MUICP). To compute the MUICP flash estimates, Eurostat uses early price information relating to the reference month from member Ssates for which data are available4 as well as early information about energy prices.

The flash estimation procedure for the MUICP combines historical information with partial information on price developments in the most recent months to give a total index for the Eurozone. No detailed breakdown is available. Experience has shown the procedure to be reliable (19 times exactly anticipating the inflation rate and 5 times differing by 0.1 over the last two years).

The member tates participating in the Eurozone are Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.


© Copyright 2011 by Finfacts.com

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