FRANKFURT: Declining oil prices with low economic growth caused consumer prices to fall sharply in the eurozone in January.
The annual inflation rate was minus 0.6 per cent, worse than the minus 0.5 per cent expected on average by market analysts and the minus 0.2 percent registered in December.
Low oil plays a big role. But weak prices are also a sign of the deep economic malaise afflicting the 19 countries that share the euro currency.
The European Central Bank is readying a massive 1 trillion euro ($1.1 trillion) stimulus program to try to raise inflation closer to its goal of 2 per cent and to get the economy moving.
Jobless figures today showed slight improvement, with the December unemployment rate falling to 11.4 per cent from 11.5 per cent the month before.
