ECB's Knot: Inflation to come down to 2% in 2024

Friday, 30. September 2022 19:08

European Central Bank (ECB) Governing Council Member Klaas Knot underscored on Friday that the inflation in the region will likely gradually reduce in the upcoming year, but that the bank anticipates it would fall to the target of 2% in 2024.

Commenting on the latest report on the annual inflation rate in Eurozone, Knot remarked that the interest rate hikes will continue until inflation shows signs of a decline, noting that the bank is focused on ensuring that the "temporarily higher inflation" does not become "anchored" in society.

"Early this morning I saw the figures. I had expected something of an increase, but not this new attack on people's purchasing power," Knot stressed, adding that the board of the ECB is "unanimous" in its decision to raise rates further in the upcoming meetings.

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