By Marcus Leach

Official data from the EU statistics agency has revealed that the eurozone inflation rate fell to 2.7% in December, down from 3% in November.

The initial estimate had been 2.8%, and despite being below this figure it is still above the 2% target set by the European Central Bank.

With the debt crisis having a negative impact on confidence there are fears that the eurozone economy could slip back into recession.

Eurostat also said that wider European Union inflation was 3% in December, down from 3.4% a month before.

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