By Jonathan Davies

The eurozone suffered from its joint biggest deflation in January as energy prices continued to drop.

Prices were down 0.6% in January, compared with the same period in 2014, and follows deflation of 0.2% in December.

It is the joint biggest drop since July 2009 and is worse than the 0.5% predicted by market experts.

Energy and oil prices were the biggest contributors to the deflation. Oil prices have plummeted by 60% since summer 2014 and energy prices are down 8.9% in January. If energy and food prices were taken out of the calculation, the eurozone would've experienced inflation of 0.5%.

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