Eurozone inflation appears to be on a clear downward trend after dropping again in September, but not enough to change the widespread view that the European Central Bank will keep its main interest rate on hold this week.

Reflecting oil and other commodity price falls, annual inflation in the 15-country region fell for the second consecutive month, from 3.8 per cent in August, to 3.6 per cent in September, according to a “flash” estimate on Tuesday by Eurostat, the European Union’s statistical office.