Deflation hits eurozone as energy prices fall

Eurozone

Inflation in the eurozone has turned negative, official figures have shown, with prices in December 0.2% lower than the same month a year earlier.

The tip into deflation adds pressure on the European Central Bank (ECB) to take further action to stimulate the bloc’s economy.

The bank’s inflation target is below but close to 2%.

The fall was driven mainly by lower energy costs due to the plunging price of oil.

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