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Eurozone Inflation Drops to 0.3%
Falling oil prices cut inflation in the eurozone to 0.3% in November from an already low 0.4% in October, according to EU statistical agency Eurostat.
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Falling oil prices cut inflation in the eurozone to 0.3% in November from an already low 0.4% in October, according to EU statistical agency Eurostat.
Eurostat blames the decline on a 3% drop in oil prices last month. Analysts expect more of the same after the Organization of the Petroleum Exporting Countries decided on Thursday not to cut crude oil production.
The cartel's decision caused petroleum futures to slump to four-year lows. Lower energy costs will help the eurozone's weak economy. But they also could create dangerous deflation. Analysts say the trend puts more pressure on the European Central Bank to find new ways to stimulate the regional economy.
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