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16.04.2024

If inflation does not accelerate, the ECB may begin easing policy in June - ECB policymaker

Olli Rehn, European Central Bank (ECB) Governing Council member and Bank of Finland Governor, said that the ECB may begin a cycle of interest rate cuts at the June meeting, but on condition that there is no escalation of geopolitical tensions that could cause a spike in inflation in the eurozone.

Following its April meeting, the ECB signaled a policy easing in June, and Rehn stressed that the prerequisite for such a decision is a slowdown in inflation in line with expectations. Some of Rehn's colleagues have already argued in favor of a subsequent rate cut after June, but Rehn warned that the ECB is making its rate decisions meeting by meeting in light of the latest information.

According to preliminary data, the eurozone annual inflation slowed again in March, matching November's 28-month low. Meanwhile, core inflation reached its lowest level since February 2022, which strengthens the case for the start of the ECB's monetary policy easing cycle. According to the report, the consumer price index rose by 2.4% per year after rising by 2.6% per year in February. Economists had expected an increase of 2.6%. Meanwhile, on a monthly basis, the consumer price index rose by 0.8%, accelerating compared to February (+0.6%). The core consumer price index - energy, food, alcohol & tobacco - rose by 2.9% per year after an increase of 3.1% per year in February. Economists had expected an increase of 3.0% per annum.

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