MNI BRIEF: Eurozone Final Sept Inflation Downwardly Revised
MNI (LONDON) - September eurozone headline inflation saw a modest downward revision in the final release published Thursday, offering further ammunition if needed to doves on the ECB Governing Council ahead of the rate decision later in the trading session.
Headline inflation was revised to 1.7% year-on-year, Eurostat said, down from the flash reading of 1.8% that appeared to spook some policymakers. Core inflation was unchanged at 2.7%, in line with the flash estimate, although services inflation was revised down to 3.9% from 4.0%.
The ECB is widely expected to cut its deposit rate by 25bp to 3.25% later today, although it should offer no clearer path on rate cuts other than suggesting that the direction of travel remains clear. (see MNI SOURCES: ECB To Keep Meeting-By-Meeting Even After Cut and MNI INTERVIEW: ECB Should Cut In October, Says Kazaks )