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Inflation in the euro zone was slower than previously expected in September, according to revised official data released on Thursday, hours before the European Central Bank was expected to cut interest rates.
Year-on-year growth in consumer prices in the single currency area slowed to 1.7% last month, slightly changing from the 1.8% figure published on October 1, according to the EU's Eurostat data agency.
Interest rates fell below the ECB's 2% target for the first time in three years.
The ECB is now focused on tackling weak economic growth in the 20 euro zone countries, with inflation appearing to be under control after consumer prices soared in the wake of the coronavirus pandemic and Russia's invasion of Ukraine. I'm guessing.
The Frankfurt-based ECB has aggressively raised interest rates to rein in rampant inflation, which peaked at 10.6% in October 2022.
But the worst appears to be over, with policymakers having cut interest rates twice this year already, with another cut expected later on Thursday when the ECB's Governing Council gathers in Slovenia.
Inflation slowed in September thanks to lower energy costs.
However, the euro area has recorded weak growth in recent months.
According to the ECB's own forecasts published last month, growth is expected to slow to 0.2% in the third quarter and 0.8% for 2024 as a whole.
Raz/lth
