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News Summary: Eurozone inflation at 3-year low

The Associated Press

GREAT EXPECTATIONS: Expectations are growing that the European Central Bank will cut interest rates this week after data showed inflation in the euro area at a three-year low and unemployment at another record high.

INFLATION EVASION: Consumer prices rose 1.2 percent in the year to April across the 17 EU countries that use the euro — the lowest level since February 2010 and way down from 1.7 percent in March.

ELBOW ROOM: The preliminary rate is below the ECB's target of keeping inflation "close to but below" 2 percent and gives the central bank more room for maneuver.