ECB's Lagarde opening statement: Inflation could be considerably higher than forecast

• Extent of the effect of the conflict in Ukraine will depend on the evolution of the conflict
• Says outlook is 'highly uncertain'
• Growth revised down in near term
• Inflation is more broadly based
• Inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term still expected to decrease progressively
• Path for rates will be determined by forward guidance
• Omicron having milder impact on economy that previous waves and restrictions being lifted
• Impact of 'massive energy shock' may be cushioned by pandemic savings and compensatory schemes
• Growth to remain weak in Q1
• Energy costs pushed up Feb inflation 31% and prices have risen further
• Most measures of underlying inflation have risen above 2%
• How long high prices will last is uncertain
• Risks to the economic outlook have increased substantially and are tilted to the downside
• Warns on risk of a loss of economic confidence

The tone was decidedly somber with repeated risks on lower growth and higher inflation.