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ECB's Lagarde says inflation hasn't peaked, may surprise

Inflation in the euro zone hit a record 10.6 percent on an annualised basis last month, but economists polled by Reuters expect it to edge down to 10.4 percent in a flash reading for November due to be published this week

November 29, 2022 / 06:54 AM IST
European Central Bank President Christine Lagarde

European Central Bank President Christine Lagarde

Euro zone inflation has not peaked and it risks turning out even higher than currently expected, European Central Bank President Christine Lagarde said on Monday, hinting at a series of interest rate hikes ahead.

Her comments, along with remarks by Dutch central bank chief Klaas Knot earlier, were likely to dampen speculation that the ECB was about to take a gentler path with future rate increases.

Inflation in the euro zone hit a record 10.6 percent on an annualised basis last month, but economists polled by Reuters expect it to edge down to 10.4 percent in a flash reading for November due to be published this week.

Contrary to some investors and even her own deputy, Luis de Guindos, Lagarde pushed back on expectations the high watermark for price growth had been reached.