Money problem for the ECB - prices almost do not rise in the euro zone

12:55  29 may  2020
12:55  29 may  2020 Source:   finanzen.net

Germany: the powerful Constitutional Court changes its president

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Berlin, May 29 (Reuters) - Prices in the euro zone almost did not increase in May. The statistics office Eurostat announced on Friday that inflation was 0.1 percent according to preliminary findings. Economists had expected exactly that. In April it was still 0.3 percent.

The data will give the European Central Bank (ECB) a headache. It is aiming for an inflation rate of almost two percent, but has been missing this target for years despite low interest rates and billion dollar bond purchases.

According to Eurostat, the largest price increases were in May for food, alcohol and tobacco with 3.3 percent, services increased by 1.3 percent. Industrial goods, on the other hand, only became 0.2 percent more expensive. There was a twelve percent drop in energy.

Italy's central bank chief Ignazio Visco said that monetary policy must counter deflation risks. He referred to the clearly shrinking economy in the wake of the coronavirus crisis. Falling prices are considered dangerous because companies will hardly invest anymore and consumers will hold back.

(Reporter: Christian Krämer, edited by Kerstin Dörr. If you have any queries, please contact the editorial team on 069-7565 1236 or 030-2888 5168.)

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