Inflation across the 18-country eurozone has been revised down to its lowest level since October, a development that may ratchet up the pressure on the European Central Bank to cut interest rates further, AP reported. Figures released Monday by the Eurostat statistics agency showed that consumer prices were 0.7 percent higher in February than the year before. That's lower than the 0.8 percent initial estimate and took the annual rate down to the level it was in October. The rate is also way below the level the ECB targets - it sets its policy to keep inflation just below 2 percent. The Eurostat figures showed that four of the 18 European Union countries that use the euro as their currency - Greece, Cyprus, Portugal and Slovakia - are currently experiencing a fall in prices. A spokeswoman for the statistics agency said the main reason for the revision was lower data from Germany, which has an annual inflation rate of 1 percent.
