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Euro inflation slips on summer sales

Annual inflation in the euro zone fell slightly in July to 2.3% from 2.4% in June.

The EU's statistical office Eurostat said inflation in the 25-member EU also fell from 2.4% to 2.3%.

The lower July rates - down from an initial forecast of 2.4% issued at the end of last month - came despite a surge in oil prices and were attributed mainly to summer sales.

Euro zone inflation peaked at 2.5% in May and, despite falling for two consecutive months, it remains above the target of 2% set by the European Central Bank.