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Euro zone producer price inflation adds at the slowest pace in 2017
In June, euro zone prices at factory gates headed north at their slowest pace in 2017, lifting the prospect of an ongoing easing of consumer inflation later this year, according to data published by the European Union's statistics office on Wednesday.
Eurostat informed that industrial producer prices in June, in the European Union leapt 2.5% on the year, tumbling from May’s upwardly revised 3.4% soar as well as a 4.3% ascend in April.
June’s reading turned to be the lowest outcome in 2017, hinting that inflationary pressures are going down, complicating the ECB’s plans to start a gradual tightening of its monetary policy already in autumn.
In July, headline inflation stood still sticking to 1.3%, which is far from its 2% ascend hit in February, as preliminary estimates issued by Eurostat state. The ECB's objective is for an inflation rate below, though close to 2%.
Notwithstanding the monthly easing, producer prices soared on the year by more than predicted by financial experts surveyed by Reuters, who had forecast a 2.4% leap in June.
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