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July 31, 2012 / 10:24 AM

Eurozone CPI estimated at 2.4 percent

BRUSSELS, July 31 (UPI) -- The 12-month consumer price index in the 17-member eurozone was unchanged in July, Eurostat estimated Tuesday.

The inflation rate in the the report, which held at 2.4 percent on an annual basis for the second consecutive month, is considered a flash estimate, which means it could be revised as more data becomes available.

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The rate is fairly reliable statistically. Over the past two years, the flash estimate has been spot on 19 times and off by 0.1 percentage points on five other occasions, Eurostat said.

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