Core inflation in the eurozone, excluding oil prices, has fallen to its lowest rate in more than four years, suggesting the European Central Bank will soon achieve, or even undershoot, its inflation goals.

Excluding volatile energy and unprocessed food costs, prices were rising at an annual rate of just 1.4 per cent in April, according to Eurostat, the European Union's statistical office. That was down from 1.6 per cent in March and is thelowest rate since February 2001.