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Eurozone inflation hike not as temporary as expected, says ECB’s De Guindos -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Cologne Christmas shoppers fill Hohe Strasse (High Street), with masks during the COVID-19 pandemic. This was December 12, 2020. REUTERS/Wolfgang Rattay/File Photo

MADRID, Reuters – The rise in inflation within the Eurozone is not as short-term as originally thought, Luis de Guindos (Vice President European Central Bank) said Monday.

De Guindos, a radio host, stated, “Our inflation has been more persistent, and let’s just say not as temporarily as we anticipated,” in an interview for COPE.

The ECB anticipates that the inflation rate will remain at or above 3% through 2022, and then fall to below its long-term target of 2% by the year’s end.

De Guindos stated that although forecasts by the bank are susceptible to large uncertainties such as the development of the COVID-19 pandemic.

De Guindos was positive for coronavirus after he tested positive on December 11. He said that he had overcome the virus and that the test two days before gave negative results.

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