Stournaras sees eurozone inflation peaking in 2022

Eurozone inflation could peak this year then decline in 2023 before moving toward the ECB’s 2% target the following year, Bank of Greece chief Yannis Stournaras said on Wednesday.

Inflation is likely to have hit 9% this month and could still head into double-digit territory later this year on high natural gas prices that will likely eat into consumption and could push the eurozone into recession.

“In my view, this year, we will see the peak of inflation and a steady deceleration thereafter, inflation will gradually decline in 2023 and converge toward the target in 2024,” Stournaras told a conference in Austria. [Reuters]