A woman in Paris took a selfie with the Eiffel Tower in the background on July 23, 2024, before the Paris 2024 Olympic Games. Eurostat reported on Friday that inflation in the Euro zone dropped to a three-year low of 2.2% in August. This decline from 2.6% in July was as predicted by economists. The core rate, which excludes energy, food, alcohol, and tobacco, also fell to 2.8% in August from 2.9% in July, in line with expectations. Price increases in Germany, the largest economy in the euro area, slowed more than anticipated to 2% in August on a euro zone harmonized basis. Economists at ING anticipate that core inflation in the euro zone will remain above 2.5% for the rest of the year due to stability in the prices of goods and services. Market expectations suggest that the European Central Bank will reduce interest rates by another 25 basis points in September, following a rate cut in June.
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