Data showed on Wednesday that eurozone inflation slowed in December as expected underlining market expectations that price growth will decelerate further in the first months of 2012 and create room for more interest rate cuts for assisting the weakening economy.
Consumer prices in the 17 countries sharing the euro rose 2.8 percent year-on-year in December, down from 3.0 percent year-on-year rises in November, October and September, according to estimates from the European Union’s Statistics Office (Eurostat).
Inflation peaked at 3 percent and should fall back below 2 percent, which is the medium-term target of the European Central Bank, around April according to many economists.
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