ECB President Lagarde’s Inflation Commentary

Christine Lagarde, president of the European Central Bank (ECB), said that inflation is still quite high in the euro area, making it necessary for the ECB to further tighten its monetary policy.

“Inflation is very high right now and it looks like it will stay that way for a long time,” Lagarde said. “We are determined to bring inflation down to our target of 2 percent over the medium term,” he said.

“That is why we raised rates at the fastest pace in history and made it clear that we still have a long way to go to bring rates to sufficiently restrictive levels,” Lagarde added.

ANNOUNCED INFLATION

The European Statistical Office (Eurostat) today announced May consumer inflation data for the Eurozone. Eurozone annual consumer inflation, which was 7 percent in April, fell to 6.1 percent in May.

The average expectation of economists polled by Reuters and Bloomberg was that inflation would drop to 6.3 percent in May. (SÖZCU, REUTERS)