Eurozone inflation revised down to 0.1 percent in a move that raises fears of falling prices

Markets Associated Press

Inflation across the 19-country eurozone was revised down to 0.1 percent in the year to August, in a development that's likely to renew fears that the region could see another bout of falling prices.

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Figures released Wednesday by the European Union's statistics agency show that the downward revision in consumer price inflation from the initial estimate of 0.2 percent was largely due to a sharp drop in energy prices reflecting weakness in the global price of oil.

Inflation is way below the European Central Bank's target of just below 2 percent.

The news from Eurostat prompted some weakness in the euro as traders priced in a growing expectation of further stimulus from the European Central Bank. Europe's single currency was trading 0.4 percent lower at $1.1230.