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The ECB stated that price growth will continue to be high for some time, describing the situation as a "severe challenge" and promising to ensure that it returns to its target of 2% in the medium run.
According to preliminary estimates, price growth in the euro area reached an all-time high of 8.1 percent in May.
Lower energy prices, easing of pandemic supply disruptions, and normalization of monetary policy are all projected to lower inflation, according to the watchdog.
Price growth is expected to decrease to 3.5 percent in 2023 and 2.1 percent in 2024, according to the ECB. The watchdog expects inflation to average 3.3 percent in 2022, 2.8 percent in 2023, and 2.3 percent in 2024, excluding energy and food prices.
source: ecb.europa.eu
According to preliminary estimates, price growth in the euro area reached an all-time high of 8.1 percent in May.
Lower energy prices, easing of pandemic supply disruptions, and normalization of monetary policy are all projected to lower inflation, according to the watchdog.
Price growth is expected to decrease to 3.5 percent in 2023 and 2.1 percent in 2024, according to the ECB. The watchdog expects inflation to average 3.3 percent in 2022, 2.8 percent in 2023, and 2.3 percent in 2024, excluding energy and food prices.
source: ecb.europa.eu