European Central Bank President Christine Lagarde said it will be "critical" for central banks to pin their inflation targets at a period when fluctuations in energy prices and geopolitical activity are factored in, Reuters reported.Euro zone business activity dropped at the steepest rate in nearly three years in August, according to final HCOB/S&P Global Purchasing Managers' IndexThe composite PMI output index was printed at 46.7, below a preliminary read of 47.
"The once stabilizing services sector turned into a drag for the economy while manufacturing has not bottomed out yet, most probably," he said. The bank now forecasts the euro zone GDP will contract by 0.1% in the third quarter.People pass shops and retailers as they walk along the busy high street at St Ives on August 21, 2023 in Cornwall, England.from the British Retail Consortium showed on Tuesday, as consumer confidence improved.
"Easing inflation will certainly be welcomed by consumers, but as the rate of price rises falls, so will the extra spending needed by consumers. As a result, sales growth may fall in the coming months, even if volume growth does not."German businesses reported slightly lower price expectations in August, according to a survey from the ifo institute.
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