The current inflation spike is expected to be largely temporary, as price pressures are building up only slowly, European Central Bank, ECB, President Cristine Lagarde said on Thursday.
In August, inflation rate in the Eurozone jumped to a 10-year-high of 3 per cent according to Eurostat estimates.
“The current increase in inflation is expected to be largely temporary and underline price pressures are building up only slowly.
“The inflation outlook in our new projections has been revised slightly upwards but in the medium-term inflation is foreseen to remain well below our 2 per cent target,’’ Lagarde said.
Lagarde said at a news conference following the Governing Council meeting of the ECB in Frankfurt.
Sputnik/NAN
