Further ECB rate cut ‘unlikely’

Price pressures stayed high in the eurozone in April in the face of a likely recession, keeping interest rate cuts off the agenda for an ECB seeking ways of reviving economic growth within its inflation mandate.

Annual consumer price inflation in the 17 nations sharing the euro moderated to 2.6% from 2.7% in March, the EU’s statistics office Eurostat said yesterday.

Economists polled by Reuters forecast 2.5%.