Eurozone inflation falls faster than expected in March

(ANSA-AFP) - BRUSSELS, APR 3 - The eurozone's annual rate of inflation dropped further than expected in March, official data showed Wednesday, fuelling hope that the European Central Bank will cut interest rates in June. Consumer price rises in the single currency area slowed to 2. 4 percent, from 2.6 percent in February, the EU's statistics agency said. Analysts surveyed by FactSet had predicted inflation would remain stable at 2.6 percent while economists asked by Bloomberg expected a smaller drop to 2.5 percent. The figure is getting closer to the ECB's two-percent target, which will make the case for cutting rates in June stronger, but analysts do not expect a cut at the next monetary policy meeting on April 11. The Frankfurt-based bank has held rates steady since October 2023 after an aggressive rate-hiking campaign to tame soaring inflation. (ANSA-AFP).