Eurozone inflation dropped to 1.8 per cent last month, dipping below the European Central Bank’s target for the first time in three years and bolstering expectations of an interest rate cut at its next meeting.
Tuesday’s preliminary figures for annual consumer inflation for September matched economists’ expectations in a Reuters poll and compared with August’s rate of 2.2 per cent.
Markets anticipate that the ECB will cut benchmark rates by a quarter point to 3.25 per cent when it meets next on October 17, following reductions in borrowing costs in June and September. Investors are pricing in a reduction in borrowing costs of about 1.8 percentage points by the end of next year.
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