Summary Box: Eurozone inflation eases in December (AP)

RIGHT DIRECTION: Inflation in the 17 countries that use the euro dropped to 2.8 percent in December from 3 percent the previous month, in line with expectations, according to preliminary data from the EU's statistics office, Eurostat.

STILL TOO HIGH: Inflation remains uncomfortably above the European Central Bank's target at just below 2 percent, but above-target inflation has not prevented the ECB from cutting interest rates over the past couple of months.

RECESSION LIKELY: The eurozone is expected to fall back into recession this year and that is likely to keep a lid on price increases over the coming months.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20120104/ap_on_bi_ge/eu_europe_economy_summary_box

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