Consumer prices grew an average of two-point-four percent in the euro zone in July.

EU statistics agency Eurostat said the inflation rate has remained above the European Central Bank’s goal of two percent for 20 straight months.

However, July’s figure does mark a 16-month low, which is in line with the overall downward trend in product price growth since the beginning of the year.

And a drop in energy prices, which is a key indicator of product prices, backs the European Central Bank’s prediction that product prices will soon stabilize.