The President of the Deutsche Bundesbank, Joachim Nagel, said in a speech in Frankfurt on 5 July 2023 that it was too early to sound the all-clear with regard to the price development in Germany, “Inflation has broadened overall.” And he adds: “According to our June projection, the inflation rate in Germany will remain high for the time being. The ECB’s June projection for the euro area gives a similar result.” This contrasts with the figures recently published by Eurostat on European price developments.
According to the EU’s statistics office, the rate of increase in consumer prices in two larger EMU countries has now fallen well below the 2 percent mark targeted by the European Central Bank (ECB): In Spain and Belgium the rate was 1.6 per cent in June.
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