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6/22, 8:38 PM (Source: TeleTrader)
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Inflation to reach its peak at 2021's end - ECB's Schnabel

Member of the European Central Bank (ECB) Isabel Schnabel remarked on Tuesday that inflation in the Eurozone will reach its peak at the end of 2021, when the harmonized index of consumer prices (HICP) will stand at 2.6–2.7%.

Schnabel said the ECB did not originally predict such a spike in inflation growth back in March 2020, and expected it to be steadier instead. She also noted that, at that time, the institution projected the inflation rate to be slightly higher than it is right now, which is at under 1.2%.

Schnabel previously stated the ECB does not intend to raise its interest rates to respond to this year's inflation spike.

Breaking the News / JR