The European Central Bank is seen next to the river Main in Frankfurt, Germany, late Wednesday, Oct. 2, 2019. (AP Photo/Michael Probst)

Eurozone inflation revised down to near 3-year lows

October 16, 2019 - 5:47 am

BRUSSELS (AP) — Inflation in the 19-country eurozone has fallen to its lowest rate since November 2016.

Statistics agency Eurostat revised down the annual rate of consumer price inflation in September to 0.8% from its initial estimate of 0.9% as energy prices fell by more than initially thought.

The fall in the rate from the previous month's 1% helps explain why the European Central Bank recently announced another stimulus package.

Low inflation can be a sign of economic weakness and has been a concern for officials at the ECB, whose goal is to have inflation of just under 2%. The central bank decided Sept. 12 to launch a package of measures aimed at raising inflation and supporting weakening growth.

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