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The figures show a marked divergence between ambient and fresh food deflation, with fresh food prices 2% lower than in October last year while ambient prices were just 0.
Eventually, 'persistent' disinflation can lead to costly deflationary cycles - as we have seen in Japan - where weak demand and deflation reinforce each other, and end up increasing debt burdens and hindering economic activity and job creation.
The ECB is scheduled to review its policy next week, with the deflation news increasing the chances that more action will be taken to get inflation back up towards the target.
When later asked whether such statement may be taken as hasty judgment on deflation, Abe said Japan has still not completely conquered deflation.
Deflation is particularly brutal when there's a lot of debt in an economy.
Beijing -- China's annual consumer inflation hit a five-year low in January while factory deflation worsened, underscoring deepening weakness in the economy and heaping pressures on policymakers to inject more stimulus to underpin growth.
QNB has already warned about the dangers of deflation in a series of economic commentaries last year.
Going forward, the expectation is that the eurozone will remain in deflation for the whole of 2015, despite the expanded Quantitative Easing (QE) adopted by the European Central Bank last Thursday.
According to BNZ economists, the deflation period may increase the potential of another interest rate hike into 2016.
Although sometimes confused with deflation, disinflation is not considered to be as problematic because prices do not actually drop.
A significant decline in commodity prices in recent weeks -- coupled with a worsening global economic outlook and major corrections in global equity markets -- could result in a Great Deflation, namely a vicious circle of price/asset deflation around the world.