Three guesses what drove prices lower in Jan?

January energy down 1.4% vs +0.5% prior in the 18 states (-3.8% vs -1.9% y/y), -1.7% vs +0.9% in 28 states (-3.6% vs -1.3% y/y)

Very slight moves up in most of the other components across the EZ

Pretty much confirms the detail in the underlying inflation report we saw last week (Jan final HICP)

EZ PPI 04 03 2014

EZ PPI 04 03 2014