London (Reuters) – The European Central Bank (ECB) has “largely” completed its fight against high inflation in the euro zone, even if prices in the service sector are still increasing too quickly, said Philip Lane, chief economist of the Institute on Tuesday.
“If global inflation is currently close to the objective, inflation in the service sector still has a long way to go to ensure that inflation is permanently stabilized for the objective,” detailed the economist during an event in London, affirming that “the progress made in the return of inflation to the objective are sufficient to consider that this monetary policy challenge is largely noted”.
Disinflation in the euro zone should continue independently of the volatility of oil prices linked to troubles in the Middle East, Luis de Guindos, Vice-President of the ECB, also said on Tuesday in another event in Spain.
“If the price of oil increases-although it seems to have been somewhat contained-we will have to take it into account, but always in a context where the underlying disinflation process is relatively clear,” he said.
(Written by David Milliken and Francesco Canepa; Bertrand de Meyer, edited by Augustin Turpin)
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