Lower productivity alongside a rise in energy prices were behind the upward inflation revisions in the European Central Bank economic projections presented last Thursday, ECB’s vice president Luis de Guindos said Monday.

Wages across the euro area have evolved in a similar way to what the ECB saw in June, but productivity is “more moderated”, de Guindos said.

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Wages across the euro area have evolved in a similar way to what the ECB saw in June, but productivity is “more moderated”, de Guindos said.

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MNI BRIEF: Low Productivity Behind Inflation Revision-Guindos