The Eurozone Just Recorded Its Joint-Deepest Deflation Ever
REUTERS/Tyrone Siu
Europe's deflation deepened in January - prices fell 0.6% year on year.
Inflation figures came in at 0.2% in December, the lowest since 2009, when prices tumbled immediately after the financial crisis. The worst deflation recorded in 2009 was -0.6%.
The core figure is being closely watched - it fell back to 0.7% in December.
The figure tries to measure inflation but strips out very volatile items like food, and crucially, energy. Eurozone inflation has been dropping for a couple of years now, but falling oil prices are what's finally pushed the index into negative territory.
Spanish prices in December fell 1.5%, the steepest drop of any major eurozone economy, and Germany joined the club in January with prices down 0.5% year on year.
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