The eurozone tumbled back into deflation in September

The eurozone is back in technical deflation.

Consumer prices fell by 0.1% in the year to September, according to figures released on Wednesday Eurostat.

Analysts were expecting inflation to fall back to 0%, with no change whatsoever from September last year. In August, prices rose 0.1% on 12 months earlier.

Core inflation is one of the measures being watched most closely at the moment, since it strips out energy prices. That’s running at 0.9%, unchanged from August.

The European Central Bank has an inflation target of close to but just below 2%, and however you measure it, that’s nowhere near being reached.

Unemployment for August was released at the same time, increasing back to a painfully high 11%, from 10.9% in July.

However, joblessness has declined over the longer term, with the unemployment rate slowly ticking down from 12.2% this time two years ago.

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