The European Central Bank is likely to lower interest rates for the third time this year on Thursday, arguing inflation in the euro zone is now increasingly under control and the economy is stagnating.

FRANKFURT — The European Central Bank cut its key interest rate by a quarter-point to 3.25 percent, as a souring growth outlook and weaker-than-expected inflation in September drove rate-setters to step up the pace of policy easing.

The European Central Bank cut interest rates again Thursday, upping the tempo at which it is lowering borrowing costs as inflation in the eurozone cools faster than expected.

The European Central Bank will see inflation dip just below its target next year, according to its quarterly survey of professional forecasters.