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Eurozone CPI Swings to Deflation
The eurozone’s consumer price index shrank by 0.2% this month, moving the region into deflation for the second time in six months.
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The eurozone’s consumer price index shrank by 0.2% this month, moving the region into deflation for the second time in six months.
Eurostat says the February decline was led by an 8% drop in energy prices. But the EU statistical service notes that inflation rates declined for all categories.
The European Central Bank considers 2% inflation healthy. Negative growth is dangerous because it raises the cost of debt and encourages consumers to put off purchases in hope of lower prices in the future.
Economists say this month’s decline shows that the ECB’s attempts to stimulate the eurozone economy haven’t worked. The central bank plans to revisit its policies next week and is widely expected to step up its efforts to restore growth.
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