Euro zone inflation held steady this month but underlying price growth fell as expected, a mixed picture that complicates life for the European Central Bank as it weighs the merits of a pause in rate hikes in the face of a visible slowdown in growth.
Overall inflation in the 20 countries sharing the euro was unchanged at 5.3% in August, defying expectations for a drop to 5.1%, Eurostat data showed on Thursday. But a key underlying measure that filters out volatile food and energy prices eased as expected to 5.3% from July's 5.5%.
Part of their concern is that growth is now fading quickly and the bloc's economy, which has stagnated over the past three quarters, could even slip into recession, with little to drive a rebound. Indeed, closely watched services inflation barely eased in August, with the rate at 5.5% versus 5.6% a month earlier. Price growth for non-energy industrial goods, another measure watched by the ECB, slowed to 4.8% from 5%.
Some policymakers are likely to argue that a tight labour market, as evidenced by rapid services inflation, will make further progress difficult because a record-low jobless rate - 6.4% in July - will translate into wage pressures.
France Dernières Nouvelles, France Actualités
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