Eurozone inflation revised down to 2.6 pct

[October 16, 2012]  BRUSSELS (AP) -- Inflation in the 17-country eurozone was lower than previously expected in September.

Eurostat, the EU's statistics office, said Tuesday that prices were 2.6 percent higher in September than the year before, down from its previous estimate of 2.7 percent.

That means that inflation was unchanged from the August rate.

Still, inflation continues to run higher than the European Central Bank's target of "close to, but below" 2 percent.

Partly because inflation remains above-target, few analysts think the ECB will cut its main interest rate from the current record low of 0.75 percent at its next policy meeting in early November.

[Associated Press]

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