Eurozone inflation slows as expected

EUROZONE inflation slowed as expected in August, data confirmed thanks to an easing of fuel prices from July and less expensive food.

The European Union’s statistics office Eurostat said consumer prices inthe 16 countries using the euro rose 0.2% month-on- month for a 1.6% year-on- year increase, as expected by economists polled by Reuters.

Eurostat said food prices fell 0.2% on the month in August to rise 1.1% year- on-year. Energy prices fell 0.1% month-on-month but were still 6.1% higher than a year earlier.