The European inflations drops to 2.4%

According to the EU's statistics bureau located in Luxembourg the inflation rate dropped by 0.2% to 2.4% reaching its lowest point since February in 2011. As the price of crude oil tumbled by approximately 16% during the period of 2 months, it allowed the inflation tension to cool off as well as provide an opportunity to the ECB to concentrate on reviving the economic state. The ECB anticipates that the 2.4% will be the midpoint in 2012; however, may decline to 1.6% in the upcoming 2013.