ECB’s Stournaras sees inflation peak this year

By Thomson Reuters Aug 30, 2022 | 11:43 AM

ALPBACH, Austria (Reuters) – Euro zone inflation could peak this year then decline in 2023 before moving towards the ECB’s 2% target the following year, Greek Central Bank chief Yannis Stournaras said on Wednesday.

Inflation is likely to have hit 9% this month and could still head into double digit territory later this year on high natural gas prices that will likely eat into consumption and could push the euro zone into recession.

“In my view, this year, we will see the peak of inflation and a steady deceleration thereafter, inflation will gradually decline in 2023 and converge towards the target in 2024,” Stournaras told a conference.

(Reporting by Balazs Koranyi; Editing by Angus MacSwan)