A 13 percent slump in Brent crude prices since late June is jeopardizing European Central Bank President Mario Draghi’s projection of a pick-up in inflation in the coming months. The rate hasn’t been in line with the institution’s goal of below but close to 2 percent in more than three years, and economists predict officials will have to add more stimulus to meet their mandate. ECB staff will start drawing up new growth and inflation forecasts in mid-August that will guide the Governing Council’s Sept. 8 policy decision.

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