The European Central Bank revises downward its inflation and economic growth outlooks for the eurozone.
Inflation is projected to average 0.1 per cent this year – down from the 1 per cent the bank projected in December.
Consumer prices should then climb to 1.3 per cent in 2017, lower than the 1.6 per cent forecast three months ago. The inflation rate will now come in at 1.6 per cent in 2018.
The currency bloc should expand by 1.4 per cent this year before accelerating to 1.7 per cent in 2017 – both lower than the December forecasts. At 1.8 per cent in 2018, the growth forecast is the same as three months ago.