Eurozone Inflation Revised Down

Consumer prices growth in the seventeen countries that share the euro during the first month of the year was slower that had been initially reported, slightly easing inflation fears, according to The Wall Street Journal.

Consumer prices growth in the seventeen countries that share the euro during the first month of the year was slower that had been initially reported, slightly easing inflation fears, according to The Wall Street Journal. On Monday, the European Union reported that annual consumer price inflation in the eurozone was 2.3% for January, which was below the 2.4% annual gain that was reported originally. The revision lowers the increase from the 2.2% annual inflation rate recorded in December.

The level of annual inflation during January was still the highest since October 2008, although the report showed consumer prices dropped 0.7% in January from the previous month, which was more than had been initially reported. The decline was led by a 1.6% monthly drop in core prices, with core inflation adding 1.1% in January from 1.0% in December. The revision still leaves the rate of inflation above the European Central Bank’s “close to, but below” 2% target.

Click here to read the story from The Wall Street Journal.