Christine Lagarde, President of the European Central Bank (ECB).
Bloomberg | Bloomberg | Getty Images
European Central Bank President Christine Lagarde said on Tuesday that inflation remained too high and it was too early to declare victory over rising consumer prices.
“Inflation in the euro area is too high and will last for too long. But the nature of the inflation challenge in the euro area is changing,” she said at an event in Portugal.
“We have made significant progress, but we cannot waver or declare victory in the face of a more persistent inflationary process,” she added.
She also said the ECB needed to communicate clearly that interest rates would remain “at these levels as long as necessary”.
This is a breaking news story, please check back soon for more information.