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Lagarde: Data Show Strength In Services Activity And Prices


ECB President Lagarde begins the post-meeting press conference by reading the Monetary Policy Decisions statement released earlier.

  • On the economic landscape, Lagarde says: Private domestic demand, especially consumption is likely to have remained weak. Bus/cons confidence remain weaker than pre-Ukraine war.
  • Manuf sector working through a backlog of orders but prospects worsening. Services sector growing more strongly as economy reopens.
  • Ave hours worked somewhat below pre-pandemic levels and recovery has stalled.
  • Re inflation: 7.0% Y/Y in April - base effects led to some increase in energy inflation. Services pushed up by reopening of economy and wage pressures.
  • Wage pressures strengthened further as consumers recoup some of their lost real income. Most inflation exp around 2% but some have edged up.

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