The eurozone's deflation has been halted

Re surfacing resurfacing diver breatheREUTERS/Michael DalderUwe Kiehl of team Germany I breathes on the surface during a match at the Underwater ice hockey Championships in lake Weissensee in Austria February 17, 2013.

The eurozone’s deflation has been halted, at least for now.

Consumer prices in the euro countries neither fell nor rose in the year to April, with CPI showing a +0% reading, as analysts had expected. That ends several months of negative figures, for the time being.

Europe recorded negative inflation rates between December and March, with a low of -0.6% in January.

Though eurozone inflation rates had been trending lower for an extended period of time, the slump in oil prices tipped the bloc into negative territory at the end of last year.

Core inflation, which strips out volatile prices like food and energy, is still rising, but at a slow pace: +0.6% in the year to April.

Here’s the breakdown by sector, where you can see the massive impact that oil prices have had:

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