Euro area 1 annual inflation 2 is expected to be 0.7% in January 2014, down from 0.8% in December 2013 3 , according to a flash estimate 4 from Eurostat, the statistical office of the European Union . Looking at the main components of euro area inflation, food, alcohol & tobacco is expe cted to have the highest annual rate in January (1.7%, compared with 1.8% in Dece mber), followed by services (1.1%, compared with 1.0% in December), non-energy industrial goods (0.2%, compared with 0.3% in December) and energy (-1.2%, compared with 0.0% in December) he euro area consists of Belgium, Ge rmany, Estonia, Ireland, ... (full story)