Stubborn inflation will remain at a very high level, German central bank president says
European officials have for several years been debating the need to be more autonomous and less reliant on other parts of the world, but talks intensified in the wake of the Covid-19 pandemic and then again after Russia’s invasion of Ukraine.
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Joachim Nagel, president of the Germany’s Bundesbank and one of the ECB’s more hawkish members, told CNBC’s Annette Weisbach Wednesday that consumer price rises are set to remain stubbornly high.
“It looks like for at least the next couple of months inflation will stay on very high levels, expect maybe for the second half that inflation might come down to a certain extent,” he said Wednesday.
“But still what we expect for this year for Germany is an average inflation rate of around 6 to 7%.”
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