The European Central Bank revised up its inflation projections for the next three years on Thursday and said it expected price growth to stay above its 2% target until the end of 2025. It raised its 2023 and 2024 projections for inflation excluding volatile energy and food, which the ECB watches closely, citing past upward surprises and the implications of a robust labour market for the speed of disinflation. Euro zone inflation soared into double-digit territory last year but has nearly halved since, even if price growth remains uncomfortably high, particularly for food and services.
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