The rate of inflation in Italy
and across almost all of the major European economies fell in
July, demonstrating widespread weakness, the Organization for
Economic Cooperation and Development (OECD) said Tuesday.
Inflation, which slipped to just 0.1% in Italy, reached its
lowest point since November 2009 among the eurozone countries
that use the common currency.
One exception was France, where inflation remained stable
at 0.5%, while in Germany, inflation fell to 0.8% in July from
1.0% the previous month, the organization in a statement.
It noted that falling energy prices contributed to the drop
in inflation but also warned that there are signs of serious
underlying weakness in European economies.
In contrast, the annual inflation rate averaged across the
organization's 34 members fell to 1.9% in July from 2.1% in
June.
In comparison, the European Central Bank (ECB) aims to hold
inflation at just under 2%, which policy makers judge to be the
rate that reflects economic growth that is neither too fast nor
too slow.
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