Consumer prices fell 0.6% over the previous month in January, which was up from the 0.9% decline tallied in December. The decrease primarily reflects lower prices for clothing and footwear as well as for housing, water and electricity. Annual headline inflation inched up from 0.7% in December to 0.8% in January.
Meanwhile, annual HICP inflation (based on the harmonized index of consumer prices) remained stable at December's 0.9%. Annual average HICP inflation inched down from 1.9% in December to 1.8% in January.
FocusEconomics Consensus Forecast participants expect HICP inflation to average 1.7% in 2014, which is unchanged over the previous month's forecast. In 2015, the panel expects HICP inflation to slow to 1.8%.