Inflation in the eurozone fell in August

Inflation in the eurozone fell to 2.2 percent in August, down from 2.6 percent in July, according to a second calculation made by the statistics agency Eurostat. It is the lowest inflation rate in the currency union in three years.

The decline confirms the picture given in a preliminary calculation of inflation in the eurozone in August, published on August 30. The development opens up, according to assessors, for interest rate cuts from the European Central Bank (ECB).

Inflation in the entire EU fell simultaneously to 2.4 percent in August, down from 2.8 percent in July.

The highest inflation in the EU in August was in Romania at 5.3 percent, while it was lowest in Latvia and Lithuania at 0.9 and 0.8 percent, respectively.