Calls for European Central Bank action to help protect the eurozone’s fragile recovery have grown after the release of inflation and jobless data. Official figures showed that eurozone inflation fell to 0.7% in January, down from 0.8% in December and further below the ECB’s 2% target.
It has fuelled worries about whether the euro bloc could suffer deflation, potentially de-railing economic growth. Separate data showed the unemployment rate in December was unchanged at 12%.
The European Union’s statistics agency, Eurostat, said that although there was a 1.7% rise in the cost of food, alcohol and tobacco in January, energy costs fell 1.2%.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.