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Lagarde: Commodity Prices Could Have Inflation Consequences

ECB

The press conference concludes with questions on a potential recession and on food price inflation:

Q: Given the downgrade to the GDP forecast, how concerned are the GC about the probability of recession?

  • A: We are going through a phase of sluggish growth. The recovery we have anticipated has been pushed out to 2024. We need to bring inflation down.

Q: Do you have any indications that food prices could impact inflation again? Has the ECB made any progress in thinking how to making its operations aligned with the Paris Agreement?

  • A: Food inflation has come down, but is still at 10%. We are looking at all commodity prices, which could have consequences on prices. We will have to assess on a projection-by-projection basis.
  • A: Until the end of 2023 we are Paris compliant. We need to look at other measures, and more measures, to ensure that we remain compliant going forward.
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