The European Central Bank raised its inflation forecasts for this year and the next two years on Thursday. The headline inflation projection for this year was raised to 2.2 percent from 1.9 percent seen in June, the latest ECB staff projections unveiled by ECB President Christine Lagarde showed. The price growth outlook for next year was lifted to 1.7 percent from 1.5 percent. The projection for 2023 was raised to 1.5 percent from 1.4 percent. Policymakers expect the temporary factors pushing headline inflation higher to ease or fall out of the year-on-year inflation calculation in the course of 2022. Projections for core Inflation, which excludes food and energy prices, were raised to 1.3 percent this year, 1.4 percent in 2022 and 1.5 percent in 2023.
Underlying inflation is expected rise only gradually, since it will take time for the economy to return to operating at full capacity, and therefore wages are expected to grow only moderately, the ECB said.
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