Year-on-year inflation in the eurozone slowed to 1.7% last month, the first time it has fallen below the ECB's target of 2% in over three years.
"Victory against inflation is in sight," said French central bank governor. "A cut is very likely," he noted about Thursday's meeting regarding interest rates.
Consumer prices soared post-pandemic and after Russia's invasion of Ukraine, but inflation peaked at 10.6% last October, prompting aggressive rate hikes.
The ECB is now shifting focus from inflation control to addressing weak economic growth, with forecasts showing growth slowing to just 0.2% in Q3.
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