Lane: ECB Will Guide Inflation Back to 2% Target Over Next Year

European Central Bank (ECB) chief economist Philip Lane says inflation will return to its target rate of 2% over the next year or so. Currently, inflation is at 3%. Lane emphasized that guiding inflation back to this target is the ECB's primary responsibility.

Economists expect inflation to remain around 3% in the coming months. A significant slowdown in inflation isn't anticipated until next spring, according to economists.

Lane made these comments during a podium discussion in Donegal, Ireland. He highlighted that the ECB will take steps to ensure inflation returns to its target rate as soon as possible.