Economic Buzz: Eurozone inflation at 1.7% in January

The annual inflation rate in the Eurozone reached 1.7% in January, going down from 2% registered in December, the European Commission's statistical office Eurostat revealed in its final report published on Wednesday.

In the European Union, the figure stood at 2%, declining from December's 2.3%. Compared to the previous month, the rate went down by 0.6% in the euro area, and 0.4% in the EU.

The document attributed growth in the annual rate to the rise in prices of services, which increased by 1.45 percentage points year-on-year.

Meanwhile, those of energy declined by 0.39 percentage points. Meanwhile, core inflation in the Eurozone, excluding energy and unprocessed food, was at 2.1%. Month-on-month, the rate went down by 0.8%.

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