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Eurostat released data on Eurozone's Consumer Price Inflation today showing a decline by -0.6% in line with expectations further fuelling fears of deflation in the Eurozone as the rate is far below the targeted 2% the ECB is aiming for and the lowest since 2009. Lower oil prices are the main reason for the decline.
Month on month consumer prices declined by -1.6% in January compared to -0.1% in the previous month.
Core CPI excluding the volatile energy and food items, alcohol and tobacco costs rose +0.6% in January meeting forecasts.
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