On July 23, 2024, on the eve of the opening of the 2024 Paris Olympics, a woman took a selfie with the Eiffel Tower in the background on Rue Soucouf in Paris.
Mauro Pimentel | AFP | Getty Images
Preliminary data released by statistics agency Eurostat on Friday showed that euro zone inflation fell to a three-year low of 2.2% in August.
July’s decline was 2.6%, in line with forecasts by economists polled by Reuters.
The core rate, which excludes volatile components such as energy, food, alcohol and tobacco, fell to 2.8% in August from 2.9% in July, also in line with the Reuters survey.
Prior to this, price growth in Germany, the largest economy in the euro zone, fell more than expected on the basis of euro zone unity, to 2%.
ING economists expect that the core inflation rate in the euro zone will continue to remain above 2.5% for the rest of this year due to the stickiness of goods and services.
As of Thursday, the market expected the European Central Bank to cut interest rates by another 25 basis points in September, following its first rate cut in June.
This is a breaking news story and will be updated soon.
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