‘Significant decline’ in ECB’s inflation expectations

In the monthly report of the bank, the 3-year inflation expectation, which was 3 percent in December, decreased to 2.5 percent in January, and the 12-month inflation expectation decreased to 4.9 percent from 5 percent.

The survey comes just ahead of next week’s meeting at which the bank prepares to raise its borrowing costs again. Core inflation in the region broke a record in February, which raised expectations that the tightening would continue.

In the same survey, the 12-month growth expectation rose from minus 1.5 percent to minus 1.2 percent. Unemployment forecast fell from 11.9 percent to 11.6 percent.

Portuguese Central Bank President Mario Centeno stated yesterday that inflation was above the expectations, while Robert Holzmann, Member of the Governing Council and President of the Austrian Central Bank, argued that there should be an increase of 50 basis points at each meeting until July due to high inflation.

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