Eurozone's December inflation turns negative

Brussels

EUROZONE inflation turned negative in December for the first time since 2009, with cheap oil driving a bigger than expected decline that may prompt the European Central Bank to start printing money.

The European statistics office said in a first estimate on Wednesday that prices in the 18 countries using the euro in December were 0.2 per cent lower than a year before, after rising 0.3 per cent in November. The last time eurozone inflation was negative was in October 2009, when it was -0.1 per cent.