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

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.

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.