Inflation is down in Europe. But the European Central Bank is in no hurry to make more rate cuts

AP Business Writer

FRANKFURT, Germany (AP) — Inflation is on the way down in Europe. That’s good news. But not good enough for the European Central Bank to cut interest rates just yet. The figure released Tuesday of 2.5% for June was down a bit from the month before. That’s well down from the peak in double digits. But it just shows how consumer price increases are stuck above 2%. And that’s where the ECB wants inflation to land. The central bank’s president made clear in a speech that it will take time to make sure inflation is headed down for good. The bank has made one rate cut to help the economy grow. But analysts say that more cuts are off the table at least until the bank’s September meeting.