Lagarde says inflation still too high in euro area, cannot declare victory yet

European Central Bank President Christine Lagarde said Tuesday that inflation is still too high and it’s still too early to declare victory over consumer price rises.

Speaking at an event in Portugal, she said: “Inflation in the euro area is too high and is set to remain so for too long. But the nature of the inflation challenge in the euro area is changing.”

“We have made significant progress but – faced with a more persistent inflation process – we cannot waver, and we cannot declare victory yet,” she added.

She also said the ECB needed to communicate clearly that interest rates will stay “at those levels for as long as necessary.”

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