ECB needs more progress on underlying inflation, Lane says
© Reuters. FILE PHOTO: European Union flags fly in front of the headquarters of the European Central Bank in Frankfurt, Germany, July 8, 2020. REUTERS/Ralph Orlowski/File Photo
The ECB raised interest rates to a record high over the past year and a half to arrest surging prices. Policymakers are now discussing just how long policy will need to restrict the economy before the bank is comfortable that inflation is heading back to its 2% target. Overall inflation fell rapidly to 2.9% last month from over 10% a year earlier but Lane said he did not take"a lot of comfort" from this because the reversal of energy price increases from a year earlier was the main driver.
The ECB's own survey of consumer expectations, published earlier on Wednesday, showed that price growth expectations over the next year rose sharply from the previous month but remained steady at just above the bank's target for three years out.
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