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FRANKFURT (MNI)

Recent rises in inflation are the result of unwinding of disinflationary forces following the outbreak of the Covid-19 pandemic and not a sustained change in inflation dynamics, European Central Bank chief economist Philip Lane wrote in a blog Thursday.

Even with the expected 0.3% cumulative boost to euro area GDP provided by US president Joe Biden's rescue plan (not included in the March Eurosystem staff macroeconomic projections), the medium-term outlook for inflation remains subdued, Lane added.

Closing the gap between projected inflation levels and the ECB's inflation aim is therefore likely to set the Governing Council's agenda "in the coming years," he concluded.

MNI Frankfurt Bureau | +49-69-720-146 | luke.heighton@marketnews.com
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MNI Frankfurt Bureau | +49-69-720-146 | luke.heighton@marketnews.com
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