MNI BRIEF: Inflation To Fade, Recent Price Rises To Stay: Lane

Much of the current inflation will 'fade away' later this year and next, but consumers across the eurozone may need to get used to current higher prices, European Central Bank Chief Economist Philip Lane said in an interview with Politico published Tuesday.

“Europe may have to get used to higher prices,” Lane said but added that “most of this inflation will fade away … the momentum where every month you wake up and you read that inflation is higher than the previous month — that element, the momentum element — we do think will decline. We do think that inflation will decline later this year and will be a lot lower next year and the year after compared to this year.”