Eurozone deflation accelerates in January

European Central Bank - Photo by Eric Chan

Deflation across the 19 countries that use the eurozone currency is gathering pace.

In January, prices in the eurozone were 0.6% down on their levels a year ago.

The figure shows the eurozone heading deeper into deflationary territory from December, when prices were 0.2% down on the year before.

A large contributor to falling prices is the cost of energy, with oil prices down almost 60% on the middle of last year,

Energy prices plunged 8.9% in January.

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