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(CEP News) - Surprising on the downside, the flash CPI estimate from EuroStat showed euro zone inflation coming off sharply in August, falling to 3.8% from 4.1% in July.
The result surpassed expectations for a modest decline to the 4.0% level. In July, CPI was expected to score 4.1%, but real headline inflation in the euro zone turned out at 4.0%. The result comes ahead of the European Central Bank's official rate decision on Sept. 4. Economists and markets currently expect no change in the ECB's monetary policy until 2009, given recent remarks from European central bankers throughout the past few days who continue to keep the focus on inflation running above the 2.0% target. By Erik Kevin Franco,
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, edited by Nancy Girgis,
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