Business Week 15: No rate change expected at this week’s ECB policy meeting

However, a first rate cut is expected to be announced ­following the meeting of the ECB governing council – including president Christine Legarde – in June.

Minutes of the ECB’s March meeting published last week show officials noted “encouraging” progress towards their 2pc inflation target.

“While it was wise to await incoming data and evidence, the case for considering rate cuts was strengthening,” the ECB said at the time

Data published last week showed that eurozone inflation fell to 2.4pc last month.

The Central Statistics ­Office (CSO) will also share the ­Consumer Price Index for last month on Thursday. Consumer prices rose by 3.4pc in the year to February.

This was down from 4.1pc in the 12 months to January 2024 and was the fourth month in a row where inflation was below 5pc.

It was also just the fourth time since September 2021 that the annual growth in the Consumer Price Index was below 5pc.

The CSO will publish updates on industrial production and turnover for February tomorrow.

From November 2023 to January this year, production in manufacturing industries increased by 29pc when compared with the previous three-month period, according to the CSO.

It is set to be a quiet week for corporate results.

Tesco will share its preliminary results for its 2023/2024 financial year on Wednesday.

Tesco’s Irish arm made a €120.3m operating profit in its last financial year, according to accounts filed in Ireland for the first time ever by the division in 2023.

Sales rose 4.8pc to just under €3bn in the 12 months to the end of February last year, up from €2.84bn the year before.

However, operating profit generated in the most recent period was almost 15pc lower than the previous financial year due to increases in inflation, higher energy costs and an increased property impairment charge.