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Eurozone Slides into Deflation
The eurozone's year-on-year inflation rate swung from 0.3% in November to -0.2% in December, according to a flash estimate from Eurostat.
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The eurozone's year-on-year inflation rate swung from 0.3% in November to -0.2% in December, according to a flash estimate from Eurostat. The data will be updated in mid-January.
The EU's data service says the onset of deflation is due entirely to plunging energy prices, which fell 3% in November and more than 6% in December. Eurostat estimates that inflation last month was zero for industrial goods, food, alcohol and tobacco. It says prices for services rose about 1%.
The onset of deflation puts new pressure on the European Central Bank to take stronger steps to stimulate the region's economy. The bank targets an inflation rate of about 2%. Actual rates have steadily fallen below that level for the past two years.
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