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will reduce its prices by 7%. last month, the competition and markets authority said formula prices had risen by a quarter over the past two years. it said it was concerned that parents were more nervous about switching brands on baby formula compared with other products. the vice—president of the european central bank has warned that the bloc of countries that use the euro currency might already be in a recession. luis de guindos was speaking at an event in madrid and said that prospects for the eurozone are weak but he welcomed the turnaround in inflation, which wasjust below 3% in december. volkswagen and toyota suffered a 1.3% drop in their market share in china last year in another sign that legacy international car—makers are suffering from the surging performance of chinese rivals. the world's two biggest car brands have been losing out to chinese brands that have benefited from government subsidies and expanding their ranges at home and internationally. last week the chinese car—maker byd overtook tesla as the world's biggest seller of electric cars.