Eurozone inflation inches higher

Inflation in the Eurozone rose an annualised 0.7 per cent in April, reducing chances the European Central Bank will act soon to ward off deflation, but the pace of price rises was below forecast and still within the ECB’s danger zone of under one per cent. Eurostat said inflation in the currency bloc is running at the lowest level since late 2009. The euro briefly fell to a two-month low versus sterling on the data but then recovered.