Inflation should fall back below the European Central Bank’s target of 2% within a year, ECB Governing Council member Francois Villeroy de Galhau said on Thursday.
Inflation in the euro zone hit its highest level since 2008 in September as economies bounce back from the COVID-19 crisis, fuelling a surge in energy prices.
Policymakers generally expect inflation to ease as economies return to more normal levels of activity, although there is a big question over how soon that will happen.
“Inflation should broadly come back down below 2% within a year,” Villeroy, who is also head of the French central bank, told a French business conference.
Source: Reuters (Reporting by Leigh Thomas; Editing by Richard Lough, Sudip Kar-Gupta and Hugh Lawson)