As the economic recovery gathered steam in the 19-nation club, consumer prices rose in August at a pace not seen in the past decade, climbing beyond three percent — overshooting the ECB’s new two-percent target.
The ECB considers the jump in consumer prices to be driven by one-off, pandemic-related effects as energy prices recover and policies aimed at mitigating the economic impact are rolled back. The ECB last year launched a 1.85-trillion-euro pandemic emergency bond-buying programme to help the euro region weather the coronavirus crisis.
The inflation outlook is predicted to stay roughly unchanged, at 1.5 percent in 2022 and 1.4 percent in 2023 — keeping the ECB’s 2.0 percent goal well out of reach. All eyes are on the ECB’s next move after the Federal Reserve began openly discussing a scaling back stimulus in the United States, where the economic recovery is seen as further along.In a speech to the annual Jackson Hole symposium in late August, Fed chair Jerome Powell said “it could be appropriate to start reducing the pace of asset purchases this year”.But Natixis economist Dirk Schumacher said the ECB would want to “signal its independence” from its US peers.
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