- Borrowing costs have increased steeply and loan growth has slowed
- We will continue to follow a data-dependent approach
- Rates to remain restrictive for 'as long as necessary'
- Manufacturing continues to weaken, while services remain resilient
- The labour market remains a source of strength
- Governments should roll back energy support measures
- Pent up demand continues to drive up inflation, especially in services
- Wage increases are becoming an increasingly-important component of inflation
- Longer-term inflation expectations warrant monitoring
- Outlook for growth and inflation is highly uncertain
- We stand ready to adjust all our instruments within our mandate
The inflation forecasts were released earlier:
ECB inflation forecast