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Sep 17, 5:40 AM EDT

Eurozone inflation rate for August revised upward to 0.4 percent from 0.3 percent

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BRUSSELS (AP) -- The inflation rate in August for the 18 countries using the euro has been revised up slightly.

The European Union's statistics office, Eurostat, said Wednesday the eurozone's annual inflation rate was 0.4 percent, up from its initial estimate of 0.3 percent published late last month.

The news is likely to provide a little relief as economists fear the bloc could slide into a downward spiral of falling prices that could dent economic growth. The European Central Bank announced new measures last month to fend off the risk of deflation and save the stalling recovery.

However, the Eurostat figures showed that the eurozone's third- and fourth-largest economies, Italy and Spain, saw prices fall by an annual 0.2 percent in August. Portugal, Greece and Slovakia also experienced falling prices.

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