Isabel Schnabel, a member of the executive board of the European Central Bank, said that ECB estimates suggest that inflation in the region reached its peak level in November. Schnabel also added that a slowdown in price growth should be expected in 2022.
"ECB policymakers expect that against the background of an improvement in the supply situation and a halt in the growth of energy prices in 2022, consumer inflation in the eurozone will return to the ECB target level of 2%," Schnabel said, adding that partly high inflation is due to the effect of comparison (last year there was a drop in prices).
Schnabel said that most forecasts are based on the fact that inflation will fall below 2%, so there are no signs that price growth is getting out of control.