Watch CBSN Live

Eurozone inflation holds steady at 2.7 percent

BRUSSELS - Official figures show inflation in the 17 countries that use the euro was unchanged in the year to January at 2.7 percent.

Tuesday's first estimate for the month from Eurostat, the EU's statistics office, was in line with forecasts.

Inflation has been running above the European Central Bank's target of "just below 2 percent" since December 2010.

S&P warns of rating cuts on top economies

Even so, the eurozone's central bank cut its main benchmark rate in November and December to a record low of 1 percent as it tries to shore up the foundering eurozone economy.

Further interest rate reductions from the bank, which is led by Mario Draghi, are widely anticipated over the coming months, especially if inflation falls back further, as is expected.