Consumer price inflation in the euro zone was revised up unexpectedly in August, bouncing off the lowest level since October 2009, official data showed on Wednesday.
The rate remains firmly below the European Central Bank's target of near but just below 2%.In a report, Eurostat said consumer price inflation rose by a seasonally adjusted 0.4% last month, up from a preliminary estimate of 0.3%. Euro zone inflation rose by 0.4% in July.
Month-over-month, consumer prices inched up 0.1% last month, in line with forecasts and following a 0.7% decline in July.
Core CPI, which excludes food, energy, alcohol, and tobacco costs rose by a seasonally adjusted 0.9% in August, meeting forecasts and unchanged from an initial estimate.
EUR/USD was trading at 1.2961 from around 1.2959 ahead of the release of the data, while EUR/GBP was at 0.7953 from 0.7954 earlier.
Meanwhile, European stock markets remained higher. The DJ Euro Stoxx 50 inched up 0.55%, France’s CAC 40 rose 0.65%, Germany's DAX advanced 0.55%, while London’s FTSE 100 tacked on 0.25%.
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