10/3, 8:23 AM (Source: TeleTrader)
more TeleTrader news

ECB's Lane: Services inflation 'big contributor' now

European Central Bank (ECB) Executive Board member Philip Lane pointed out on Tuesday that the cost of services represents one of the key drivers behind the elevated inflation rate in the euro area, coupled with high food and energy prices.

"Services inflation is about 41% of the price index, nearly half of what we buy is services," Lane explained during his speech at the Bank of Lithuania's annual conference but stressed that the cost of services in the Eurozone was "not a big contributor" to the high inflation in the region a year ago.

"We won't make progress to 2% inflation as quickly as we would to 4%," Lane highlighted.

Baha Breaking News (BBN) / AB