A drop in the highly volatile energy prices depressed euro zone producer prices in July as expected, underlining disinflationary pressures in the single currency area ahead of the European Central Bank's monetary policy meeting on Thursday. Producer prices are an early indication of price trends. The ECB meets on Thursday, facing a dilemma how to respond to vanishing inflation in the 9.6 trillion euro economy whose recovery unexpectedly stalled in the second quarter, only two months after an interest rate cut in June. Producer prices in July, when compared with the same period last year, rose only in three euro zone countries - Estonia, Ireland and Latvia and were flat in the twice bailed-out Greece.
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