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Eurozone consumer prices fall 0.6% in January as deflation bites
(MENAFN- AFP) Eurozone consumer prices fell by an alarming 0.6 percent in January, accelerating further into negative territory and confirming deflation could be settling in for the long term, EU data showed Wednesday.
The drop, brought on by plummeting oil prices, follows a historic decision by the European Central Bank last week to launch a 1.14-trillion-euro ($1.27-trillion) bond-buying spree to drive up inflation in the 19-nation euro area.
The European Union's data agency Eurostat also reported that unemployment slipped to 11.4 percent in December, down from 11.5 percent in November and 11.8 percent a year before.
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