ECB under mounting pressure to step up eurozone support

Bloc slips into negative inflation for third time in a year prompting fears eurozone is heading for deflation

The European Central Bank is under growing pressure to step up support for the eurozone's flagging economy after the bloc slipped back into negative inflation in February.

The surprise drop in prices marked the third time in a year that inflation has turned negative, fanning fears that the eurozone is headed for all-out deflation - a sustained period of falling prices. The news cemented market expectations that the ECB would use its meeting next week to inject fresh cash into the single currency bloc and to cut a key interest rate further into negative territory.

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