Eurozone consumer prices tumble.

Eurozone CPI dropped a record 1.1% on month in January after rising 0.3% in December, with the fall much sharper than the 0.4% decline that was expected. The index was dragged down by a tumble in the cost of non-energy industrial goods. On year, inflation was +0.8%, as in December. The sharp monthly fall in CPI comes amid concerns about deflation in the eurozone, although the ECB has so far been sanguine.