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Eurozone consumer prices slip to record low

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Inflation across the Eurozone slumped to -0.6% during January, as almost 90% of the members of the bloc recorded negative prices, with just Malta and Austria posting positive results. Greece recorded the largest negative price growth, at -2.8%, whilst Germany, France, Finland, Latvia and Estonia all joined the list of deflationary countries for the first time. The slump was driven by a collapse in global energy prices, which fell 9.3% in February. Core inflation, which strips out volatile elements such as food and energy, rose 0.6% in the year to January, from an annual increase of 0.7% in December. Separate figures released also showed that the German economy grew 0.7% in the last three months of the year, confirming its position as the Eurozone’s powerhouse.

 

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