Inflation in the eurozone fell 0.2 percent in August compared to the same month last year after a record decline by 0.7 percent in July, noted the statistical office of the European Union.

Inflation measured by consumer prices in July fell less than expected, after the economy recovering from its worst slump in the last sixty years, according to Bloomberg survey where analysts expected an average decline of 0.3 percent.

Consumer prices in Italy, the third largest economy in the euro area, unexpectedly grew 0.2 percent annually. Eurozone's GDP fell by 0.1 percent in the second quarter after a decline of 2.5 percent in the previous three months, while Germany and France have held back economic growth.