News Summary: Eurozone inflation at 3-year low
News Summary: Low inflation, high unemployment put pressure on ECB to cut rates
GREAT EXPECTATIONS: Expectations are growing that the European Central Bank will cut interest rates this week after data showed inflation in the euro area at a three-year low and unemployment at another record high.
INFLATION EVASION: Consumer prices rose 1.2 percent in the year to April across the 17 EU countries that use the euro — the lowest level since February 2010 and way down from 1.7 percent in March.
ELBOW ROOM: The preliminary rate is below the ECB's target of keeping inflation "close to but below" 2 percent and gives the central bank more room for maneuver.
