Inflation in the euro zone fell to 8.5% last month from 9.2% in December, new data from Eurostat - the European Union's statistics agency - showed today.
Energy inflation fell to an annual rate of 17.2% from 25.5% in December. But food inflation increased from 13.8% to 14.1%.
There was no inflation estimate for Germany for last month. It has been delayed for"technical reasons", according to its national statistical agency. The headline inflation drop is unlikely to expunge concerns among conservative policymakers that rapid price growth is getting entrenched, a worry reinforced by poor underlying inflation data today.
January figures are also prone to unusual volatility because of start-of-the-year price changes, economists says. They are also likely to say that core inflation is at risk of getting stuck well above the ECB's 2% target as the second round effects of high energy prices feed through, potentially leading to a self-reinforcing inflation.
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