Consumer prices in the eurozone were 2.4% higher in February than a year earlier, a slower rate of inflation than recorded in January, reassuring policymakers ahead of Thursday’s meeting.

For four years, the ECB has been trying to slow the economy down, raising its key deposit rate to a record 4 percent to choke off inflation, before gradually lifting its foot off the brake since June. Next week’s expected rate cut will be the sixth in the current sequence, and will bring the deposit rate down to 2.5 percent.

Euro zone inflation dipped a bit less than expected last month but its most closely watched component also dropped, sealing the case for another ECB interest rate cut on Thursday and solidifying bets for further policy easing in the coming months.

Inflation in Europe eased to 2.4% in February, supporting the case for another interest rate cut from the European Central Bank but leaving open how far the central bank will go in lowering borrowing costs.

The European Central Bank is getting closer to a pause in interest cuts since it is no longer clear that policy remains restrictive and energy price surges raise inflation risks, ECB board member Isabel Schnabel has said.

Euro zone inflation eased to 2.4% in February according to statistic agency Eurostat. This was lower than January's 2.5% reading, but higher than expected by economists polled by Reuters. So-called core inflation,

Eurozone inflation eased to 2.4% in February but remained above forecasts, complicating the ECB’s rate-cut plans. Monthly price pressures, meanwhile, hit a 10-month high. View on euronews