Eurozone chief points to inflation returning to its target range

A ship cruises past the ECB building (right) in Frankfurt. — AP

BRUSSELS: European Central Bank (ECB) chief economist Philip Lane says recent eurozone data have made him more certain that inflation is returning to the 2% goal, raising the likelihood of a first interest rate cut in June.

Speaking in an interview with Spanish newspaper El Confidencial, the Irish official cited a report on consumer prices last week that showed pressures in the service sector for the first time since November.