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Euro Zone Food Inflation Continues to Intensify, Says ECB's Philip Lane

On Wednesday, European Central Bank (ECB) chief economist Philip Lane stated that food inflation continues to intensify in Europe and may be the key driver of price growth.

ECB's Philip Lane
ECB's Philip Lane

No Peak in Food Inflation Yet, Lane Predicts

During a university lecture in Cyprus, Lane explained that food inflation pressure is currently at its most intense and continues to rise. He also mentioned that the peak of food inflation has yet to be reached, but it is expected to decline later this year.

Underlying Price Growth Raises Concerns

Although overall inflation experienced a sharp decrease last month due to lower energy costs, underlying price growth continued to rise. This trend raises concerns that rapid price growth could persist, posing a risk to the economy.