Eurostat estimates an inflation rate of -0.2% in the Eurozone area for the month of December 2014, as compared to December 2013. It is the first deflation in the Eurozone since October 2009. The decline was driven by a 6.3% fall in energy prices over the past year. Prices only rose in the services sector, by 1.2%. This fuels speculation that the European Central Bank will launch a full scale Quantitative Easing program after their Governing Council meeting on January 22.