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Euro zone inflation hits record low
April 1, 2009, Wednesday
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INFLATION in the 16 nations that use the euro hit a record low in March, growing just 0.6 percent from a year ago as oil prices slumped, the European Union statistics agency said yesterday.
The inflation rate has never been so low since the euro was launched in 1999 nor since records for member countries started in 1996. Euro zone inflation was 1.2 percent in February. European Central Bank President Jean-Claude Trichet said yesterday that falling inflation reflects declining oil and commodity costs and is not a sign that the slowing economy is causing real prices to shrink.
The inflation rate has never been so low since the euro was launched in 1999 nor since records for member countries started in 1996. Euro zone inflation was 1.2 percent in February. European Central Bank President Jean-Claude Trichet said yesterday that falling inflation reflects declining oil and commodity costs and is not a sign that the slowing economy is causing real prices to shrink.
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