Euro-Area Inflation Held Steady in July After Economy Contracted

Euro-area inflation held steady last month after the economy slipped into contraction and as companies eliminated jobs to weather the fiscal crisis.

The inflation rate in the 17-nation single-currency bloc remained at 2.4 percent from a year ago, the same as in June and May, the European Union’s statistics office in Luxembourg said today, confirming an initial estimate published on July 31. Core inflation, excluding energy costs, quickened to 1.7 percent from 1.6 percent. That’s the fastest since April 2009.