Annual inflation in December in the euro area slipped to 0.8% from 0.9% in November, and down from 2.2% a year ago, according to official data from Eurostat released Thursday.

Annual inflation in the euro zone held steady at 1% compared to November, but was down from 2.3% in the same period last year.

Monthly inflation was 0.3% in both the euro area and the euro zone in December.

In December, the lowest annual rates were observed in Greece (-1.8%), Cyprus (-1.3%), Bulgaria (-0.9%) and Latvia (-0.4%), and the highest rates were seen in Estonia, Austria and the United Kingdom (all 2.0%) and Finland (1.9%).

Compared with November 2013, annual inflation fell in nine member states, remained stable in four and rose in 14 member states.

The lowest 12-month average rates  up to December 2013 were registered in Greece (-0.9%), Latvia (0.0%), Bulgaria, Cyprus, Portugal and Sweden (all 0.4%), and the highest in Estonia and Romania (both 3.2%), the Netherlands and the United Kingdom (both 2.6%).

Consumer price inflation, or CPI, measures the change in the price of goods and services from the consumer’s perspective, and it’s a crucial measure of demand trends in an economy.

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