New figures this week showed that the euro area's core rate of inflation (ie, excluding energy, food and tobacco) fell to only 1.2% in January, the lowest for nearly five years.

本周新公布的数据显示，欧元区1月份的核心通货膨胀率(不考虑能源、食品和烟草)下跌到1.2%，创下近5年来新低。

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Excluding food and energy, they were up 2.5%, well above the Federal Reserve's comfort level.

包括食品和能源价格也上涨了2.5%，已超出了美联储的承受能力。

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Excluding both food and energy, Japan's CPI fell 0.9% in August from a year earlier.

但排除了食物和能源之外，日本的cpi指数仍比八月份下降了0.9%。

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Excluding energy, the first-quarter growth rate for the remaining nine sectors would be -20.5%.

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However, economists expected the core reading, which is a gauge of less volatile goods by excluding energy and food prices, to increase less than it did.

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Of course, the core CPI and the core personal consumption deflator (to be revised in July) argue that inflation excluding energy was somewhat contained through March.

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