Prices across the eurozone were lower in June than a year earlier, Eurostat, the EU’s statistical office confirmed on Wednesday, reflecting lower oil and petrol prices rather than a sustained move to deflation.

Across the eurozone, prices were 0.1 per cent lower in June than a year earlier, with the fastest drop in prices recorded in Ireland, Portugal, Spain, Belgium and Luxembourg, confirming an earlier “flash estimate” from Eurostat.