Eurozone CPI slips, aids the European Central Bank doves

Chart Showing EURUSD

Chart Showing EURUSD

Rehn was somewhat more outspoken than his peer Madis Müller, Governor of the Estonian central bank, who said the low inflation could mean that the central bank has to further boost the economy at its mid-September meeting. In the whole European Union, inflation amounted to 1.4 percent in July against 1.6 percent in the previous month.

The core rate, which strips out the volatile items of energy, food, alcohol and tobacco, was even lower at 0.9% though unrevised from the original estimate.

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"A significant degree of monetary stimulus continues to be necessary to ensure that financial conditions remain very favorable and to support euro area growth and domestic price pressures", he said. "The Governing Council of the European Central Bank will discuss this at its mid-September meeting".

The ECB's governing council last month left the rate on the bank's main refinancing operations at zero, on its marginal lending facility at 0.25% and on its deposit facility at -0.4%. It was only last December that the ECB halted its almost four-year bond-buying program, which pumped 2.6 trillion euros ($2.9 trillion) into the eurozone economy in an attempt to revive the economy and get inflation up toward the bank's goal.

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