Eurozone inflation edged down to 0.7% on year in January from 0.8% in December although consensus was for a rise to 0.9%.
Core eurozone inflation nudged up to 0.8% from 0.7%.
Overall CPI is now under half that of Japan, which hit 1.6% last month. A question for policy makers in the eurozone is how big a threat is deflation? At the end of last month, ECB President Mario Draghi indicated that he wasn't too concerned. "We don't have a situation as in Japan," he said. (PR)
Meanwhile, unemployment held steady at 12% in December, coming in slightly below consensus for a rise to 12.1%.
The euro takes a bit of a dive and is -0.2% at $1.3531. (PR)