Eurozone inflation dips again ahead of ECB meeting this week

Ireland's inflation rate during February stood at 1.3%, new flash estimates show

European Central Bank president Christine Lagarde: The ECB is due to meet on Wednesday and Thursday this week to discuss future interest rate cuts. 

Inflation across the eurozone dropped slightly during February to 2.4%, according to the latest flash estimate from Eurostat, ahead of a pivotal meeting of the European Central Bank (ECB) later this week where another interest rate cut could be announced.

According to Eurostat, the annual rate of inflation last month fell from the 2.5% recorded in January. Services inflation continues to be the primary driver of rising prices, up 3.7% over the last 12 months, followed by food, alcohol, and tobacco, up 2.7%.