Inflation is far less of a threat than a deepening recession, not least because the weakest euro-zone economies are also the ones most dependent on imported energy.
【核心词汇】
inflation n.膨胀，通货膨胀
threat n.威胁，恐吓
deepen v.使加深，使强烈
recession n.衰退，不景气
【结构分析】
句子主干是Inflation is far less of a threat than a deepening recession，because引导原因状语从句，most dependent on imported energy为形容词短语做定语修饰ones，ones指代economies。
【参考译文】通货膨胀与不断加深的`衰退相比，远远谈不上是一个威胁，尤其是因为那些最疲软的欧元区经济体也是最依赖进口能源的经济体。