Economists polled by Reuters had expected the January inflation print to come in at 2.4%, unchanged from December.

Inflation across the eurozone ticked up thanks to a higher contribution from energy prices, while food inflation fell and core inflation remained stable at 2.7%. Base effects – which have driven inflation higher in recent months – eased in January, which contributed to keeping the increase in inflation muted.

Eurozone inflation picked up slightly in January to 2.5%, edging higher for a fourth straight month driven by energy price increases, flash data by