Euro area annual inflation down to 1.3 percent – Eurostat

Euro area annual inflation is expected to be 1.3% in August 2013, down from 1.6% in July, according to a flash estimate from Eurostat.

The euro area consists of Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in August (3.3%, compared with 3.5% in July), followed by services (1.5%, compared with 1.4% in July), non-energy industrial goods (0.3%, compared with 0.4% in July), and energy (-0.4%, compared with 1.6% in July).

Meawhile business confidence in the eurozone improved in August, despite the stubbornly high jobless numbers. The measure of sentiment increased by 2.7 points to 95.2.

The statistical office of the European Union has also published a report showing that the eurozone unemployment rate was steady at 12.1% in July.

Among the member states, the lowest unemployment levels were in Austria (4.8%), Germany (5.3%) and Luxembourg (5.7%), and the highest in Greece (27.6%) and Spain (26.3%).

However, youth unemployment continued to rise, up from 23.3% a year ago to 23.4%.

Click here to read inflation report and here for unemployment figures.

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