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Eurozone Inflation Lowest Since Late 2016

Eurozone inflation eased more than initially estimated in July to the lowest since late 2016, final data from Eurostat showed Monday.

Headline inflation slowed to 1 percent in July from 1.3 percent in June. The initial estimate was 1.1 percent. In the same period last year, the inflation rate was 2.2 percent.

This was the lowest since November 2016, when the rate was 0.6 percent.

The European Central Bank targets inflation "below, but close to 2 percent."

Core inflation that excludes energy, food and tobacco, came in at 0.9 percent, compared to 1.1 percent in the previous month. The annual rate matched preliminary estimate released on July 31.

On a monthly basis, the harmonized index of consumer prices fell 0.5 percent in July.

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