Consumer prices in the Eurozone rose by 2.8% year-on-year in June, easing inflationary pressures.

The decline in inflation is attributed to easing tensions in the Iran conflict, which has led to lower global oil prices, now around $73 per barrel.

Germany’s inflation rate fell to 2.4%, benefiting consumers as the fuel discount program ended, while the European Central Bank debates future interest rate adjustments amid these developments.