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Investing.com -- The European Central Bank (ECB) on Friday expressed confidence that the persistently high services inflation will moderate within this year.
This expectation is part of the bank’s efforts to bring overall price growth back to the 2% target, as stated by ECB’s chief economist, Philip Lane.
Lane, speaking at a lecture, noted that wage contracts for this year are showing quite low settlements, and even lower for the following year.
He stated, "So we are confident that service inflation will come back." This indicates the ECB’s belief in a forthcoming moderation of services inflation, which has been stubbornly high.
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