President of the European Central Bank (ECB), Christine Lagarde, stated that the inflation pressure has increased and said that high inflation is a great challenge for everyone.
Lagarde made evaluations at the press conference held in Amsterdam after the ECB Governing Council Meeting. Emphasizing that high inflation is a great challenge for everyone, Lagarde said the inflation rate rose significantly again in May due to rising energy and food prices. “Inflationary pressures expanded and intensified,” Lagarde said.
Stating that Russia’s war in Ukraine affected the economies, especially in the European continent, hindered global trade, caused material shortages, and contributed to high energy and commodity prices.
Noting that today’s decision not to increase interest rates was taken unanimously by the ECB Governing Council, Lagarde stated that additional steps were taken to normalize the monetary policy of the ECB at the meeting.
