Headline inflation in the eurozone held steady in July, according to a preliminary estimate from Eurostat on Monday. Inflation at a rate of 1.3% was the same level logged in June, and the latest figure met expectations of economists polled by FactSet. Core inflation, which strips out volatile energy and food prices, rose to 1.2%, above a consensus estimate of 1.1%. Core inflation in the previous month year-on-year was 1.1%. Separately, Eurostat said eurozone unemployment fell to 9.1% in June, the lowest rate since February 2009. "While this will be music to the ears of policy makers at the ECB as they prepare for further reductions in asset purchases later this year, it's worth remembering the low base that the region is recovering from," wrote Oanda's senior market analyst Craig Erlam.
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