Eurozone inflation steady at 2.7% in January

(BRUSSELS) - Eurozone inflation held steady in January at 2.7 percent, still above the European Central Bank target as signs emerged of manufacturing growth in Germany, official figures showed Wednesday.

Eurostat, the European Union's statistics agency, gave its flash estimate for the annual inflation rate in the 17-nation eurozone after London-based researchers Markit showed German industry turning around in its Purchasing Managers' Index.

The 2.7-percent figure marks the 14th consecutive month that inflation was above the ECB target for price stability of below or close to 2.0 percent.

Eurozone inflation peaked at 3.0 percent in September.