Eurozone inflation in Jan at lowest level since 2009

Inflation in the eurozone has fallen to its lowest level since 2009, according to official data released…

Inflation in the eurozone has fallen to its lowest level since 2009, according to official data released on Friday, while unemployment remains in the double digits, reinforcing fears of deflation, a sustained drop in prices that could lead to higher joblessness and slumping growth.

Consumer prices in the 19 countries of the eurozone fell 0.6% in January compared with a year ago, after dipping into negative territory in December, according to a preliminary estimate by Eurostat, the European Union statistics bureau.

The second consecutive month of declining prices in the eurozone will be seen as validation of the decision last week by the European Central Bank to begin buying 1.1 trillion euros of government bonds and other debt to pump cash into the economy.

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