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MNI BRIEF: Inflation To Climb Above 3% Then Fall Back - Nagel

(MNI) LONDON
(MNI) London

ECB is is still A "considerable distance" from 2% target, with monetary policy transmission "making progress," Buba chief says.

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Eurozone headline inflation will return to a level above 3% with the ECB “still a considerable distance” away from its target level, Bundesbank president Joachim Nagel said in a speech Tuesday.

“We expect a bumpy road ahead, with ups and downs in inflation over the near future,” Nagel said. “In October, the inflation rate was slightly below 3% for the first time since July 2021. But we will see a return of numbers with a three before the decimal point. This is largely the result of a base effect.”

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Eurozone headline inflation will return to a level above 3% with the ECB “still a considerable distance” away from its target level, Bundesbank president Joachim Nagel said in a speech Tuesday.

“We expect a bumpy road ahead, with ups and downs in inflation over the near future,” Nagel said. “In October, the inflation rate was slightly below 3% for the first time since July 2021. But we will see a return of numbers with a three before the decimal point. This is largely the result of a base effect.”

Keep reading...Show less