ECB’s Centeno: October Figures Show Inflation Converging to Target

3 November 2023

By Isabel Teles – FRANKFURT (Econostream) – European Central Bank Governing Council member Mário Centeno on Friday said that recent data showed inflation converging to the ECB’s target.

Speaking at the 2023 Financial Education Week in Coimbra, Portugal, Centeno, who heads the Banco de Portugal, said that ‘[r]ecent October inflation figures for Portugal and for the euro area prove the convergence towards the medium-term objective of 2%, which is good news for the conduct of monetary policy.’

As a result, the Portuguese and the European economies were decelerating, he said.

‘The slowdown in external production and more restrictive financing conditions are affecting and conditioning consumption and investment decisions and obviously have an impact on growth’, he said.