Inflation has fallen again in Europe, to 2.4% in March. It's welcome news for consumers since spikes in food prices have eased. The annual figure for the 20 countries that use the euro currency has come in below what financial markets expected and marks a decline from 2.6% in February. The figures released Wednesday mean the European Central Bank is getting closer to achieving its goal of 2% inflation. Analysts say the decline keeps the ECB on track for an interest rate cut in June. The pressure is on to reduce borrowing costs because the economy is failing to grow.
