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Most ECB Officials See Upside Risk to Medium-Term Inflation

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European Central Bank officials reckon inflation could turn out higher than expected in the coming years, underscoring how much uncertainty the economy still faces as it rebounds from the pandemic.

The ECB’s inflation projection of 1.4% for 2023 -- the furthest out that it currently forecasts -- “was widely seen as subject to upward risks,” according to the account of June 9-10 policy meeting published Friday.