The European Central Bank (ECB) has cut borrowing costs for the third time this year, lowering its benchmark interest rate from 3.5% to 3.25%.

The decision to cut rates by a quarter point came after official data published Thursday showed year-on-year inflation in the eurozone had slowed to 1.7% in September. It marked the first time in more than three years that the inflation rate in the single currency area had fallen below the ECB’s target of 2%.

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