'Energy prices are expected to stay higher for longer and global manufacturing bottlenecks are likely to persist,' Lagarde said. Inflation Economics EuroZone
European Inflation Skyrockets to Record 7.5% — ECB Chief Lagarde Expects Energy Prices to 'Stay Higher for Longer'
While inflation continues to roar in the U.S., the inflation rate in the eurozone tapped another high last month reaching 7.5% in March. Energy and food prices have soared throughout the 19 member state economies, and European Central Bank president Christine Lagarde expects energy prices to “stay higher for longer.
. Similar to the U.S. Federal Reserve, the European Central Bank’s inflation target is 2% and inflation in food prices, services, energy, and durable goods has risen well above the target.the higher cost of living in Europe and stressed: “three main factors are likely to take inflation higher.” During her speech in Cyprus, Lagarde insisted:
Energy prices are expected to stay higher for longer. Global manufacturing bottlenecks are likely to persist in certain sectors, [and] households are becoming more pessimistic and could cut back on spending. Reports note that the ECB, similar to the Fed, is pressed against the wall and must face inflationary pressures head-on. Reuters reporter Balazs Koranyi
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