Consumer prices in the eurozone held steady at a 16-month low in June compared to the same month last year due to a sharp fall in energy prices, European Union statistics agency Eurostat reported on Monday.

Consumer inflation in the 17-nation eurozone was 2.4% in June on annual basis, the EU’s statistics office Eurostat said on Monday, confirming its earlier reading in the month. The figure matched an earlier preliminary estimate.

June consumer prices fell 0.1% on a monthly basis.

Eurostat said that energy prices fell 1.7% in the month from May and consumer prices dipped across 10 of the euro currency bloc’s members from April. Food, alcohol and tobacco prices rose 0.3%.

European Central Bank (ECB) President Mario Draghi said last week that inflation in the eurozone is slowing faster than forecast. Draghi also said that inflation is heading towards the ECB’s target of close to, but below 2%.

Eurozone imports in May showed no growth compared to the same month a year ago, Eurostat said in separately released data. Adjusted for seasonal swings, imports notched up their third straight month of falls and slipped 0.9% in May compared to April.

Eurozone exports rose 6% in May on annual basis. However, on a monthly basis, adjusted for seasonal factors, exports rose just 0.3%, not enough to make up for a 1.4% fall in April.

Eurostat reports a May trade surplus of €6.9bn compared to €3.7bn in April. As far as the 27 country EU is concerned, the balance of international trade remained negative at €3.8bn deficit, significantly down compared to the previous month when it was €12.6bn.