Euro area Prices in steady down-trend

This data correlates with U.S. fiscal withdrawals over the recent 7 year period:

Drop of euro-area core PPI in Jan suggests core CPI will continue to fall. Good luck, #ECB, w/ that inflation target! pic.twitter.com/a8fmF74g4q
— David Powell (@davidjpowell24) March 3, 2015

As U.S. net fiscal withdrawals have flatlined over the last 4 years, the Euro area price index here has been falling.

March is going to include important events wrt foward US fiscal policy so this trend will either continue or deviate based largely on what the US does here in a few weeks.