NextGen Day

According to Christine Lagarde, president of the European Central Bank (ECB), uranium inflation will continue to be “undesirably high” for a while due to the pressure put on them by rising oil and food prices.

After eurozone inflation reached its highest level ever, the ECB raised rates for the first time in more than ten years on Thursday.

It chose to increase three important rates by 50 basis points, which was more than expected, since annual inflation in the euro area rose to 8.6% in June, well beyond the ECB’s target of 2%.

“The pace of the economy is reducing. Russia’s unlawful aggression against Ukraine continues to hinder development, “After a meeting to discuss monetary policy, Lagarde told reporters.

According to her, the economy is being dampened by the effects of rising inflation on purchasing power, ongoing supply limitations, and increased uncertainty.

She issued a warning that businesses continue to experience rising expenses and supply chain disruptions.

The picture for the second half of 2022 and beyond is severely clouded by these factors, according to Lagarde, even though there are cautious signs that some supply bottlenecks are loosening.

She emphasized that the war would further undermine confidence and exacerbate supply-side limitations, while energy and food prices might continue to be consistently higher than anticipated.

A faster slowdown in the global economy would also be risky for the forecast for the euro area, she added.

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