Inflation in the 12-nation eurozone fell to 2.4% in February, down from 2.7% in the previous month.

The figures were better than expected and analysts now predict the European Central Bank (ECB) will see inflation hit its target of 2.0% in the first half of this year, possibly in April.

But experts do not expect the ECB to lower the interest rates in response to falling prices, as falling inflation had been widely expected.

Inflation in the eurozone jumped to 2.7% in January, but this was put down to bad weather hitting many European countries.

"(The data) is confirming that the January figure was exceptional", European Commission spokesman Gerassimos Thomas said.

For the whole of 15 nation of the European Union inflation fell to 2.3% from 2.5% in January.

The highest annual inflation in the EU in February was in Ireland (4.9%) and in the Netherlands (4.5%).

Austria (1.7%) and Germany (1.8%) showed the slowest annual price increases.