The European Central Bank cut interest rates for the third time this year on Thursday in a nod to sluggish economic growth, some softening in an otherwise rock-solid labour market and easing consumer price pressures.

The European Central Bank cut interest rates again Thursday, upping the tempo at which it is lowering borrowing costs as inflation in the eurozone cools

Eurozone inflation fell further below the European Central Bank’s target than first thought in September, cementing expectations that bank policymakers will lower interest rates at Thursday’s meeting.