European inflation slows but imminent rate cut unlikely

On the eve of the European Central Bank's meeting tomorrow comes news that the inflation rate in Europe fell for the first time in five months during June, adding further justification for the central bank to cut interest rates, currently fixed at 4.5%. Inflation in May hit 3.4%, a level unseen since the euro debuted in 1999. In June, however, consumer prices rose 3% compared to a year ago marginally below expectations of 3.1%. Prices rose 0.1% in June, which were down from 0.6% in May. Onlookers suggest inflation is likely to have peaked in May but concede that it's unlikely to...