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Eurozone inflation slows, in new signal for ECB easing

A giant Euro symbol stands outside the headquarters of the European Central Bank (ECB) in the central German city of Frankfurt am Main on June 2, 2010Inflation in the eurozone slowed last month to financial crisis levels, putting extra pressure on the ECB to act to fight a growing threat of deflation, data showed on Tuesday. Eurozone inflation fell to 0.5 percent in May, the same level as in March and erasing a bump to 0.7 percent in April. Inflation in the 18-nation eurozone has fallen steadily in the past year, reflecting weak demand and strength of the euro, and has raised expectations that the European Central Bank will cut interest rates at a policy meeting on Thursday. Inflation is way below the ECB’s target of just under 2.0 percent and shows little sign of picking up any time soon.

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