Eurozone inflation falls to 2.8% while unemployment steadies at 6.2%

Eurostat announced that consumer price growth in the Eurozone eased to 2.8% year‑on‑year in June, a sharper decline than the 3.0% forecast and down from 3.2% in May. The monthly price index fell by 0.1%, contrary to expectations of a 0.1% rise. The European Central Bank continues to aim for a medium‑term inflation rate of 2%, noting that the previous surge had been driven in part by the Iran conflict.

In the labour market, Eurostat reported that the Eurozone unemployment rate remained unchanged at 6.2% in May, after a modest revision from 6.3%. The total number of unemployed persons stood at 10.986 million, 55,000 fewer than the previous month and down 158,000 on a yearly basis. Unemployment rates varied across member states, with Spain at 10.3% and Germany at 3.8%.