Separately, official figures revealed that this month’s total inflation rate continued to decline. In the eurozone, the consumer price index increased by 5.3%, down from 5.5% in June.
However, core inflation, which excludes volatile food and energy prices, remained at 5.5% in July. Furthermore, the inflation rate for services and unprocessed food increased slightly to 5.6% and 9.2%, respectively.
Despite the positive economic numbers, there are warning signals that the area may experience year-end stagnation.
