Euro area annual inflation was 0.8% in January 2014, stable compared to December 2013. A year earlier the rate was 2.0%. Monthly inflation was -1.1% in January 2014.

European Union annual inflation was 0.9% in January 2014, down from 1.0% in December 2013. A year earlier the rate was 2.1%. Monthly inflation was -0.9% in January 2014.

In January 2014, negative annual rates were observed in Cyprus (-1.6%), Greece (-1.4%) and Bulgaria (-1.3%). The highest annual rates were recorded in the United Kingdom and Finland (both 1.9%). Compared with December 2013, annual inflation fell in seventeen Member States, remained stable in seven and rose in four. The lowest 12 month average rates up to January 2014 were registered in Greece (-1.0%), Latvia (0.0%), Bulgaria and Cyprus (both 0.1%), and the highest in Estonia (3.1%), Romania (2.9%) and the United Kingdom (2.5%).

The largest upward impacts to euro area annual inflation came from tobacco (+0.08 percentage points), electricity and milk, cheese & eggs (+0.05 each), while fuels for transport (-0.19), telecommunications (-0.13) and heating oil (-0.05) had the biggest downward impacts.