ECB cuts rates for the third time this year by 0.25% to 3.25%

On Thursday 17th October 2024, the ECB announced its third interest rate reduction of 2024, as inflation risks within the European Union diminished more rapidly than anticipated.

At its October meeting, the central bank decreased the deposit rate by 0.25%. This decision followed a slowdown in the euro area’s price increases to 1.8% in September 2024, falling below the central bank’s target of 2%.

The EU interest rate is now: 3.25%