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ECB director Schnabel: upside risk for inflation

Wednesday, 12/22/2021 10:15 am from

dpa-AFX

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The euro symbol in front of the ECB in Frankfurt. © querbeet / iStock / Getty Images Plus / Getty Images

FRANKFURT (dpa-AFX) – According to the European Central Bank (ECB), consumers in the euro area will have to live with higher inflation rates for a while. “We know that inflation will be high for some time, but also that it will decline over the course of next year. We are less certain about how fast and how strong the decline will be,” said ECB board member Isabel Schnabel in an interview published on Wednesday by the French daily “Le Monde”.

The central bank wants to ensure stable prices in the currency area of ​​the 19 countries with inflation of 2 percent in the medium term. In the coming year, Europe’s monetary authorities are expecting an annual average price increase of 3.2 percent in the euro area, mainly due to energy prices. The ECB predicts 1.8 percent for 2023.

“We are well aware of the uncertainty of our inflation forecasts. There is an upside risk,” said Schnabel in an interview on December 16. “We should take a risk management approach so that we can react quickly if there are signs that inflation is consistently above our two percent target.”

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