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Lagarde: We Are Not Happy With The Inflation Outlook

ECB
Q: How alarmed are you to the 2025 inflation outlook?
  • A: On the basis of revisions can easily conclude we are not happy with the inflation outlook, and the reason we made the monetary policy decision today and why we would hike in July unless there is material change to outlook. Don't want to comment on the terminal rate, we will know when we get there. It is not what is driving us, that is the 2% inflation target. There are lots of components that get us to 2%.
Q: Can you reach the inflation target with unemployment as it is now or does it need to go up?
  • A: Spent a lot of time on labour market, it is one of the major drivers of inflation. Energy played a major role, then food kicked in, but labour is now paying a significant role. Average hours are up, wages are increasing and output is where it is: stagnant. There is an issue of productivity which clearly has an impact on inflation as well. Labour market is important particularly in services which are labour intensive.
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