“Inflation has been coming down but is projected to remain too high for too long. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner,” the ECB said in a statement.“Inflation has been coming down but is projected to remain too high for too long. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner,” the ECB said in a statement.
The move comes a day after the Federal Reserve left rates unchanged, pausing after an aggressive series of increases, but signaled that half a percentage point of further monetary tightening remained in the pipeline. Inflation in the eurozone dropped to a 6.1% rate in May, Eurostat has estimated, down from a 10.6% peak in October, though that’s still well above the 2% target of the ECB. The core measure that excludes food, energy, alcohol and tobacco was 5.3% year-over-year.
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