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The European Union's statistics agency on Wednesday confirmed Euro zone January inflation at its earlier estimates. Eurostat said that Euro zone inflation rose to an annual rate of 1.8 percent in January. Data was up from the 1.1 percent inflation rate recorded in December 2016 and within touching distance of the ECB's target, which is close to, but below 2 percent.
On a monthly basis, consumer prices in the 19-country currency bloc went down by 0.8 percent, confirming market expectations. Excluding energy, food, alcohol and tobacco prices, core inflation held steady at 0.9 percent in January. The core rate also matched preliminary estimate.
For the first time in almost four years, data showed that consumer prices were higher on the year in all of the eurozone's members. None of the eurozone's 19 members was in deflation during January, an encouragement to the European Central Bank in its long struggle to lift inflation to its target and keep it there.
That said, wide divergences remain across the currency area. In January, the highest rate of inflation was the 3.1 percent recorded in Belgium, with Spain close at 2.9 percent. Spanish prices were falling as recently as last August. In Germany, prices were 1.9 percent higher than a year earlier in January, amplifying calls for an end to ECB stimulus.
“We think that core inflation will increase this year, but the ECB will continue to emphasise that monetary stimulus is still needed when it convenes in March. That said, we are now very interested to see the updated staff projections. It is dangerous to assume, we think, that they won’t include an upward revision in short-term inflation expectations, which could spook markets. “ said Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics.
