Eurozone inflation fell unexpectedly to 0.5 per cent last month, intensifying pressure on Mario Draghi, president of the European Central Bank, to act against the rising threat of deflation.
The inflation reading is well below the ECB’s target of just under 2 per cent and on a par with March, when it hit its lowest level since autumn 2009.
The likelihood of looser monetary policy, including a radical move to cut one of the central bank’s key rates below zero, has significantly increased ahead of tomorrow’s ECB vote. Mr Draghi is also expected to announce proposals to help credit-starved small businesses.
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