Inflation in the eurozone fell further from the European Central Bank’s target in December from November, according to a revised data-set released on Wednesday that confirms a previous reading.

Consumer prices rose at an annual pace of 1.4 per cent in December, from 1.5 per cent the previous month, according to the report from Eurostat. That matched the “flash estimate” released at the beginning of Janury and the expectations of economist in a Reuters poll.

Excluding the more volatile food, alcohol and tobacco components, the year on year rate held steady in December at 0.9 per cent, also confirming the previous reading.

ECB chief Mario Draghi has said that he expects inflation temporarily to pull back as a result of the fading in the impact of the rebound in energy prices. Since the economy and labour market are both picking up steam, however, Mr Draghi has said he reckons inflation should begin heading in the direction of the ECB’s almost 2 per cent target over time.

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