Inflation in Europe falls below 2%, paves way for faster interest rate cuts

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Inflation in Europe falls below 2%, paves way for faster interest rate cuts - Business Standard

Quick Summary:

Inflation in the 20 countries that use the euro fell to 1.8 per cent in September, below the European Central Bank's target of 2 per cent for the first time in more than three years as falling energy prices give consumers relief from a burst of inflation that at one point reached into double digits.

Tuesday's official figure coupled with an anemic growth outlook could pave the way for faster interest rate cuts from the ECB, which has already trimmed rates twice.Inflation fell from 2.2 per cent in August, according to European Union statistics agency Eurostat.

The last time inflation hit the ECB's 2 per cent goal was in June, 2021 when it was 1.9 per cent.