The rapid decline in energy costs should help to tame inflation in Europe, Bank of Italy governor Ignazio Visco said on Saturday, urging companies not to seek to boost their margins by leaving prices higher for longer.
Visco, a member of the European Central Bank's governing council, said the key issue was what happened to inflation now that energy prices had retreated from peaks hit after last year's Russian invasion of Ukraine.
"If this happens, monetary policy is certainly the correct one at the moment even if I would perhaps have pressed for a more gradual approach," he added.in May fuelling a debate about the need for further ECB rate hikes beyond an increase expected later this month. Core inflation, which excludes volatile food and fuel prices and which has played an increasing role in the ECB's policy deliberations, fell to 5.3%.
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