EU statistical office Eurostat has published its flash estimates for July 2012 inflation in the eurozone. An average rate of 2.4 percent is predicted for the 17 eurozone countries, the same level as in June this year.

Eurozone inflation is measured using the Monetary Union Index of Consumer Prices, while the flash estimates use early price information and early energy price figures to give a predicted monthly rate. According to Eurostat, the method works – the estimated inflation rate has exactly equaled the actual rate 19 times and has been within 0.1 percent five times.

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