KOF Monetary Policy Communicator, March 2023
The KOF MPC figure for 16 March 2023 is 0.20. At today’s meeting, the ECB’s Governing Council communicated that there is an elevated level of uncertainty about the inflation outlook.
The Governing Council decided to raise the key ECB interest rates by 0.5 percentage points.
According to Eurostat’s flash estimate, euro area annual HICP inflation was 8.5% in February, after 8.6% in January. The main reason for this decline was energy price inflation. The ECB’s inflation projections were revised downward because of lower as expected energy costs: Eurosystem staff projections now foresee inflation at 5.3% in 2023, 2.9% in 2024 and 2.1% in 2025 (December projections: 6.3% in 2023, 3.4% in 2024 and 2.3% in 2025).