Inflation is falling faster than forecast in Europe while exceeding expectations in the US, prompting investors to predict the European Central Bank could cut interest rates earlier than the Federal Reserve.
Eurozone inflation dropped to 2.4 per cent in the year to March, the fourth straight monthly fall and the latest evidence that prices are edging tantalisingly close to the ECB’s 2 per cent target.
In contrast, US inflation has exceeded forecasts since the start of this year, with the headline personal consumption expenditures metric that the Fed uses for its target rising from 2.4 per cent in the year to January to 2.5 per cent in February.
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