Investing.com - Consumer price inflation in the euro zone rose more than initially estimated in January, official data showed on Monday.
In a report, Eurostat said consumer price inflation rose by a seasonally adjusted 0.8% last month, up from a preliminary estimate of 0.7%. Euro zone inflation rose by 0.8% in December.
The rate remains firmly below the European Central Bank's target of near but just below 2%.
Month-over-month, consumer prices fell 1.1% last month, in line with expectations and after rising 0.3% in December.
Core CPI, which excludes food, energy, alcohol, and tobacco costs rose by a seasonally adjusted 0.8% in December, unchanged from an initial estimate and up from 0.7% in December.
Following the release of the data, the euro added to gains against the U.S. dollar, with EUR/USD inching up 0.2% to trade at 1.3766, compared to 1.3764 ahead of the data.
Meanwhile, European stock markets remained turned lower in choppy trade. The EURO STOXX 50 shed 0.1%, France’s CAC 40 dipped 0.1%, London’s FTSE 100 fell 0.5%, while Germany's DAX slumped 0.3%.