Euro area sees record low inflation

One year after the global oil and food crises, which saw skyrocketing energy and food prices, the euro area is now reporting record low inflation as a result of the overall economic downturn.

According to figures by Eurostat, the EU's statistical office, published on Friday (14 August), the 16 states using the euro saw negative annual inflation of -0.7 percent in July, down from -0.1 percent in June.

Last summer, consumer prices rose four percent year-on-year, sparking discussion...