Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.

European Central Bank cuts rates again as inflation declines across the Eurozone

Posted on October 18, 2024 |

The European Central Bank (ECB) has cut interest rates again, moving faster to reduce borrowing costs as eurozone inflation slows more quickly than expected.

The ECB lowered rates by a quarter point, following a similar cut in September, marking the first time it has made back-to-back cuts since starting its rate reduction cycle.

The ECB’s benchmark deposit rate, which peaked at 4%, has now dropped to 3.25% after the latest cut.

Consumer prices in the eurozone increased by 1.7% in September, slightly below the earlier estimate of 1.8%.

The ECB had previously raised rates rapidly to fight high inflation triggered by the pandemic and the Russian invasion of Ukraine.

Weakness in the eurozone economy has prompted the ECB to lower borrowing costs to help ease the burden on households and businesses.

These rate cuts are part of the ECB’s strategy to support economic recovery and control inflation.