Core inflation is on an upward trend, ECB Governing Council member warns.
Amid underlying inflationary pressures, further interest rate increases may still be needed, members of the European Central Bank’s Governing Council have admitted. At the same time, the cycle with the highest hikes may soon be over, the officials indicated.Two members of the Governing Council of the European Central Bank have shared their assessments of the inflation outlook in the eurozone and expectations regarding the monetary authority’s next moves in that respect, Bloomberg reported.
Vujčić explained that while consumer-price gains have been easing, mainly due to base effects, underlying pressures, excluding volatile items like food and energy, remain high. During the same event in Croatia, Vujcic’s colleague at the Council, Boštjan Vasle, told participants that growth in prices of services, among other areas, is increasingly moving away from the ECB’s 2% target. He was quoted as stating:Vasle, who is the governor of Bank of Slovenia, added that more monetary tightening is likely required, warning that earlier shocks may have not fully passed through the system yet.
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