Brussels, Feb 1 (AFP\/APP): The eurozone annual inflation rate fell for a third consecutive month to reach 8.5 percent in January, beating expectations, the EU’s statistics agency said Wednesday.<\/p>\n
Consumer prices dropped from the 9.2-percent rate recorded in December, helped by a continued slowdown in the rate of energy cost rises.<\/p>\n
The figure was much lower than the forecast of nine percent by financial data firm FactSet.<\/p>\n
Although inflation in the single currency area is slowing, the European Central Bank (ECB) is expected to raise interest rates on Thursday with a 50-basis-point hike.<\/p>\n
Inflation had peaked at 10.6 percent in October last year, five times higher than the ECB’s target.<\/p>\n
“It is vital that inflation rates above the ECB’s two-percent target do not become entrenched in the economy,” ECB President Christine Lagarde said last month.<\/p>\n
Eurostat data showed energy costs increased by 17.2 percent in January compared to 25.5 percent a month earlier.<\/p>\n
Food and drink costs recorded a greater rise of 14.1 percent last month compared to 13.8 percent in December.<\/p>\n
Among the 20 countries that use the euro, Luxembourg and Spain had the lowest inflation rate, both reaching 5.8 percent in January, Eurostat said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Brussels, Feb 1 (AFP\/APP): The eurozone annual inflation rate fell for a third consecutive month to reach 8.5 percent in January, beating expectations, the EU’s statistics agency said Wednesday. Consumer prices dropped from the 9.2-percent rate recorded in December, helped by a continued slowdown in […]<\/p>\n
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