ECB member supports interest rate cut this month

European Central Bank Governing Council member Francois Villeroy de Galhau supported cutting interest rates next month after data showed a noticeable slowdown in inflation in August.

According to Al Arabiya, Galhau said that it would be fair and wise to decide on a new interest rate cut at the next meeting in September.

This comes at a time when economic data showed inflation rising by 2.2% in August compared to the same period last year and down from 2.6% in July.