By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Ante Žigman said policymakers would be in a better position in December to determine the appropriate direction of interest rates, according to an interview published Thursday by Croatian newspaper Novi list.

Žigman, who heads the Croatian National Bank, indicated that the Governing Council would have greater clarity about the inflation outlook by its December meeting. He did not explicitly endorse a particular interest rate decision.

Turning to Croatia, Žigman said the recent acceleration in inflation had been expected, reflecting primarily higher energy prices, although services inflation had also contributed.

He emphasized that higher energy costs had not yet translated into significant price increases for industrial goods or food, suggesting that broader inflationary pressures remained contained.

With oil prices approaching $100 per barrel and prices for refined petroleum products expected to follow, Žigman anticipated that Croatian inflation would stabilize very soon, potentially as early as December.