ECB’s Cipollone: Growth Slower and Inflation Falling Faster Than Expected

7 October 2024

By Marta Vilar – MADRID (Econostream) – European Central Bank Executive Board member Piero Cipollone said on Monday that the latest economic data suggested growth could be slower than expected, while inflation was falling faster than projected.

In an interview with Austrian radio ÖRF, Cipollone said that despite the ECB's having forecasted in September a slow recovery for the second half of 2024, some of the most recent data had been ‘worrisome in some sense’.

‘We have seen a deterioration of the PMI, so the signals coming from the real side of the economy are a little bit weak, which means that we could get a growth that is a little bit slower than what we were thinking’, he added.

Recent CPI figures indicated that inflation was receding faster than projected by the ECB, he said.

‘So we will get all this information and reassess the situation on the next monetary policy meeting’, he observed.