ECB Vows to Reclaim 2% Inflation Target Within Year

The European Central Bank (ECB) is committed to guiding inflation back to its 2% target over the next year, according to ECB chief economist Philip Lane.

Lane emphasized that returning inflation to the 2% target is the ECB's primary responsibility, regardless of other factors.

The current inflation rate is around 3%, and economists expect it to remain at this level in the coming months. A substantial slowdown in inflation is not anticipated until next spring, according to economists.