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Eurozone inflation slipped again in September, with prices rising at their slowest rate in nearly five years.

Consumer price inflation rose by just 0.3% compared to the same month last year, slowing from August’s 0.4% rise, said EU statistics agency Eurostat.

It is the lowest level for eurozone inflation since October 2009, adding to fears of a deflationary spiral.

Inflation has been persistently below the European Central Bank’s (ECB) 2% target rate.

Eurostat said falls in the prices of unprocessed food and energy had driven the overall slowdown.

Unprocessed food prices fell 0.9% year-on-year, while energy dropped 2.4%.

Earlier this month, the European Central Bank cut its benchmark interest rate to 0.05%, and introduced new stimulus measures in an attempt to kick-start the eurozone economy.

However, the dramatic move fell short of a programme of buying government bonds – a process known as quantitative easing (QE), and one which the US Federal Reserve has undertaken.

via BBC

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