(MENAFN) Data showed that the sharp decline in oil prices pushed the eurozone into deflation in December 2014, resulting in a significant slowdown in inflation of Japan, the UK and the US, Arab News reported.
The eurozone dipped into negative inflation in December of last year to -0.2 percent on lower energy prices. The UK registered the lowest inflation rate of 0.5 percent since 2000.
Meanwhile, the US inflation slowed to 0.8 percent, hitting the sharpest slowdown in six years. Japan's inflation edged up to 0.7 percent in 2014, excluding the one-off effects of the tax hike in April.
Expectations for the eurozone will remain in deflation for the whole year of 2015, despite the expanded Quantitative Easing adopted by the European Central Bank last week.
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