Eurozone Inflation Slumps to 0.7% Amid Coronavirus Outbreak

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Inflation in the eurozone, on Tuesday, slumped to 0.7 per cent, according to an official estimate released, with the global coronavirus pandemic impacting oil prices.

Energy prices fell by 4.3 per cent year-on-year in March, according to the data published by the European Union Statistics Agency, Eurostat.

According to the estimate, core inflation, stripped of the more volatile elements of energy, food, alcohol and tobacco prices, stood at one per cent in March.

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The 19-country eurozone aims to keep annual inflation just below two per cent, with the goal forming the core mandate of the European Central Bank (ECB).

In February, inflation had already taken a hit amid the coronavirus outbreak, falling to 1.2 per cent.

The ECB has announced a 750-billion-euro ($823.4 billion) emergency bond-buying programme in response to the crisis.

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