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| Deflation hits eurozone as prices fall 0.2% in December | Deflation hits eurozone as prices fall 0.2% in December |
| (35 minutes later) | |
| 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. | 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 to take further action to stimulate the bloc's economy. | |
| The bank's inflation target is below but close to 2%. | The bank's inflation target is below but close to 2%. |
| The fall was driven mainly by lower energy costs and the plunging price of oil. | |
| Energy prices in December were 6.3% lower than a year earlier. | Energy prices in December were 6.3% lower than a year earlier. |
| If energy prices are excluded, December's inflation rate for the eurozone was 0.6%, the same as in November. | If energy prices are excluded, December's inflation rate for the eurozone was 0.6%, the same as in November. |
| Prices for food, alcohol and tobacco were estimated to be unchanged from a year earlier, after rising 0.5% in November. | Prices for food, alcohol and tobacco were estimated to be unchanged from a year earlier, after rising 0.5% in November. |
| Prices for services, which had held steady in November, are estimated to have risen 1.2% compared with December 2013. | Prices for services, which had held steady in November, are estimated to have risen 1.2% compared with December 2013. |
| It is the first time the eurozone has experienced deflation since the depths of the financial crisis in 2009. | It is the first time the eurozone has experienced deflation since the depths of the financial crisis in 2009. |
| The estimate from Eurostat, the statistical office of the European Union, will be updated later in the month. | The estimate from Eurostat, the statistical office of the European Union, will be updated later in the month. |
| Separately, Eurostat reported that unemployment remained at 11.5% in November, unchanged from October. |