After eurozone inflation rose by one-tenth in July, the 'hawks' of the European Central Bank (ECB) They will try to convince the governing council of the organisation that it should not lower interest rates at its next meeting. «September cuts remain a risky bet». This is what ING analysts say, who believe that the latest data «have not given the ECB the certainty it needs to confirm that the battle against inflation has been won.» There are still weeks of data to be seen before the ECB has to make a decision, but the latest figures published by Eurostat, which indicate that inflation rose to 2.6% in July, «have slightly reduced the probability of a rate cut in September»they say. Therefore, next month's inflation figures and wage data through September will take on even greater importance than usual. «We continue to think that the ECB will will accept a second 25 basis point cut in September, but we recognise that this is not yet a done deal,» Oxford Economics said. In their view, «the recent signs of deterioration in the growth momentum of the main indicators of eurozone activity and the labour market expectations have clearly changed of the market towards a rate cut. They see it as «unlikely» that the ECB 'hawks' will be convinced and believe that they will take the latest data as «further proof of their opinion that should not cut rates in September amid a difficult final stretch in the inflation breakout.» But they acknowledge that some country-level dynamics could be reversed in the August inflation reading, in time for the ECB's September meeting. «Overall, while the inflation report has shown mixed dynamics, it was not a pleasant read for the ECB just before the summer weeks, as core and services inflation remain high,» they say. They still anticipate the body will implement a second 25 basis point cut in September, «although this is not yet guaranteed».