Inflation in the euro zone held steady at 1.3% during July, according to European statistics agency Eurostat.

In Ireland, consumer prices fell by 0.2%, giving the country the lowest rate in the European Union during the month.

Inflation across the countries that use the euro has largely held steady since April, and remains below the European Central Bank’s 2% target.

That is despite its attempts to boost prices and economic activity through a massive quantitative easing programme, with the authority currently spending around €60bn a month on bonds and securities.

In the wider EU inflation stood at 1.5% in July, helped by the 2.6% rate recorded in the UK.

However Britain did not have the highest rate of inflation in Europe during the month, with Lithuania registering a 4.1% rise in prices and Estonia recording a rate of 3.9%.

According to Eurostat accommodation services, package holidays and air transport had the biggest upward impact on prices during July, while telecommunications, fruit and vegetables saw the most significant declines.

