ECB's Vujcic says too soon to declare victory over inflation, waiting for early 2024 data

<p>Boris Vujcic is governor of the Croatian National Bank and thus a member of the European Central Bank Governing Council.</p><p>Vujcic spoke in Marrakech, Morocco, where the International Monetary Fund is holding its annual meetings.</p><p>In brief:</p><ul><li>too soon to declare victory over inflation</li><li>early 2024 data will bring more clarity on wages, which will provide officials with an improved but not necessarily definitive view of consumer price inflation</li><li>“I wouldn’t think that December is when we will be able to say mission accomplished — we have to be more patient”</li><li>“More interesting for me will be to see how the data come in in spring of next year, when we’ll have more clarity on labor-market pressures, and particularly wage-growth developments” </li></ul><p>Vujcic also addressed Italian debt in light of rising borrowing costs there with Meloni’s government revealing that it will only bring its fiscal deficit within European Union limits in 2026:</p><ul><li>

“The spreads are widening, but not too much"</li><li>“If you look at the change of budget projections, it’s something that could have been expected.”
</li></ul><p>The ECB's Governing Council holds its final 2023 policy meetings this month and then in December:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.