Annual eurozone inflation unexpectedly falls in January

Annual eurozone inflation unexpectedly fell inJanuary, according to data released Friday, adding to deflation fearsand increasing pressure on the European Central Bank to deliver a new interest rate cut, dpa reported. The cost of living in the 18-member currency bloc dropped to 0.7 percent in January, from 0.8 per cent in December, the European Statistics Office Eurostat said. The fall in consumer prices took inflation further away from the ECB's annual inflation target of below but close to 2 per cent. Analysts had expected Eurostat to estimate inflation at 0.9 per cent this month.