Eurozone inflation falls to 0.5%

Eurozone inflation fell to 0.5% in March, down from 0.7% in February, according to preliminary estimates, putting further pressure on European Central Bank chief Mario Draghi.

This is the third consecutive month that inflation has fallen, having begun the year at 0.8%. Prior to the announcement, analysts had forecast inflation would be 0.6%.  According to Eurostat, the core inflation rate - which excludes food and energy - also dropped from 1% to 0.8%. The European Central Bank has a target inflation rate of 2%. The steady falls have raised concerns that the 18-country Eurozone region is now facing the prospect of deflation if further stimulus cannot be provided.