Regions

Euro zone posts 1.6% gain during recession, close to target 2%-ECB

July 1
7:13 AM 2013

EU's statistics showed Euro zone's distress from its longest ever recession. In May, joblessness was at a record high. However, consumer prices climbed for two consecutive months since June. This further hindered the threat of deflation in the region's current weak economy.

Euro zone's 17 nations' consumer price boosted from 1.4% in May to 1.6% year-on-year in June. The data came on Monday from Eurostat, EU's statistics office.

According to reports, the European Central Bank's goal was to gain almost 2%. The June reading, however, is a lot better than April's 1.2% earnings.

This month's crucial factors for the price increase were food, alcohol and tobacco's values. These were followed by energy and services as said by Eurostat in its first assessment.

ECB said it was expecting a gradual recovery on the second half of the year. It added that it would not put an end to its accommodative policy attitude.

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