Eurozone inflation falls to 2.4% in March

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Eurozone inflation fell to 2.4 per cent in March, lower than forecast, bolstering expectations that the European Central Bank will cut interest rates by the summer.

The slowdown of annual consumer price growth from 2.6 per cent the previous month reflected smaller increases in food and goods prices, which offset steady services prices. Economists polled by Bloomberg had forecast a March reading of 2.5 per cent.

The easing of the region’s worst cost of living crisis for a generation will be welcomed by the ECB, which meets next week to discuss how soon to loosen monetary policy. Most analysts expect policymakers to wait until June to begin cutting rates.

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