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Economic Report: Eurozone consumer prices fell in August for first drop in four years

Economic Report

Gloria Camila and her boyfriend, David, go shopping in the middle of a downpour on August 11, 2020, in Madrid, Spain.

Antonio GutiéRrez/Zuma Press

The eurozone had deflation in August, showing the failure of the European Central Bank to get inflation to its target as the region fights the coronavirus pandemic.

Eurostat reported prices fell 0.2% year-over-year in the eurozone in August, mostly on a sharp drop in energy prices. That is the first negative reading since May 2016, and the reading was lower than the 0.2% rise forecast by economists.

Outside of energy, prices rose a modest 0.7% year-over-year.

The ECB targets inflation of just under 2%.


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