EU Forecasts Eurozone Inflation at 2.5% This Year, Down 0.2%P

The European Union (EU) on the 15th (local time) lowered its consumer price inflation forecast for the Eurozone (20 countries using the euro) to 2.5% for this year.

The EU Commission stated this in its '2024 Spring Economic Forecast' report released on the same day.

[Image source=AFP Yonhap News]

This is 0.2 percentage points lower than the forecast announced in February (2.7%). Compared to last year's inflation rate (5.4%), the increase has been reduced by more than half.

Next year's inflation rate is predicted to be 2.1%, which is close to the European Central Bank (ECB) target of 2%.

This year, the Eurozone's gross domestic product (GDP) growth rate is expected to be 0.8%, maintaining the February forecast. The GDP growth forecast for next year was revised down by 0.1 percentage points to 1.4%.