Eurozone Inflation Drops Faster Than Expected, Nearing ECB 2% Target

• Annual eurozone inflation dropped to 2.4% in March, faster than expected • Germany's inflation fell to 2.2% in March from 2.7% in February
• Inflation peaked at 10.6% in October 2022 after Russia's invasion of Ukraine • Inflation is nearing the ECB's 2% target but interest rate cuts aren't expected yet • The ECB raised interest rates to 4% between July 2022-Sept 2023 to curb inflation but has kept them steady since Oct 2023