According to a flash estimate from Eurostat, euro area annual inflation is expected to be 1.4% in January 2020, up from 1.3% in December. The core figures dropped to 1.1% in the reported month when compared to 1.2% expectations and 1.3% previous.

Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in January (2.2%, compared with 2.0% in December), followed by energy (1.8%, compared with 0.2% in December), services (1.5%, compared with 1.8% in December) and non-energy industrial goods (0.5%, stable compared with December).