The second highest year-on-year increase was recorded by services, where prices rose by four percent, and other goods by two percent, European statisticians added.
The January figure is in line with analysts’ expectations. Inflation in the Eurozone gradually climbed up to a record 10.6 percent the year before last, and since then it has fallen significantly and approached the European Central Bank’s (ECB) two percent target. ECB chief Christine Lagarde said last month that the bank could cut interest rates in the summer.
Compared to the previous month, prices decreased by 0.4 percent. So-called core inflation, which excludes the fluctuating prices of fresh food and energy, slowed to 3.6 percent year-on-year from December’s 3.9 percent.
Of the individual member countries, inflation was the highest in Estonia, where it amounted to five percent. In Croatia, consumer prices rose by 4.8 percent and in Austria and Slovakia by 4.3 percent. Inflation was lowest in Finland and Italy, where it amounted to less than one percent.
A revised report with further details and data for the entire European Union will be published by the statistical office on 22 February.