- The Governing Council remains resolute in its determination to restore inflation to its target level
- Inflation is now expected to reach about 3.5% by the end of 2024 and to reach our target of 2 to 3% by the end of 2025.
- The board considered that increasing interest rates is justified today to be more assured that inflation will return to the target within a reasonable time frame.
- Whether further tightening of monetary policy is needed to ensure that inflation returns to the target within a reasonable time frame will depend on data and advanced risk assessment.
- There are still significant doubts about the outlook
- High inflation affects people's real income, and household consumption growth is weak, as is housing investment
- Wage growth has rebounded over the past year but remains consistent with the inflation target, provided productivity growth picks up
