Eurostat released data on Eurozone's Consumer Price Inflation today showing a decline by -0.6% in line with expectations further fuelling fears of deflation in the Eurozone as the rate is far below the targeted 2% the ECB is aiming for and the lowest since 2009. Lower oil prices are the main reason for the decline.

Month on month consumer prices declined by -1.6% in January compared to -0.1% in the previous month.

Core CPI excluding the volatile energy and food items, alcohol and tobacco costs rose +0.6% in January meeting forecasts.