European Central Bank (ECB) Chief Economist Philip Lane said in an interview released on Tuesday that inflation will remain high at the start of 2022 but is expected to “fall quite a bit later this year., APA reports citing Teletrader.

“We are clear from our December forecast that we expect inflation, in overall terms for this year, to be around 3.2% in the euro area,” Lane told Lithuanian newspaper Verslo zinios and reiterated the ECB expects inflation to fall below 2% in 2023 and 2024.

The central banker stressed that the ECB’s interest rate decisions and potential rate hikes this year will depend on inflation rates.

Source: Azeri-Press International News Agency