The Eurozone Economy is Faltering As Inflation Drags It Down

The Financial Times reports, "The eurozone ... economy shrank by 0.2 per cent in the three months to June, as inflation driven by commodity prices wiped out growth." FT understands that inflation is a subtraction from the growth in aggregate demand growth. Indeed, "In the eurozone, inflation was a record 4 per cent in July, according to Eurostat, the European Union’s statistical office, although that was lower than its original estimate of 4.1 per cent."