"The overwhelming majority of inflationary shocks, if not all,
have now reversed," he told a news conference in Lisbon, adding
that the full effects of the reversal had yet to reach final
consumers.
The European Central Bank raised euro zone borrowing coststo
their highest level in 22 years on Thursday and said stubbornly
high inflation all but guaranteed another move next month and
likely beyond that too.
While inflation remains high, Centeno said, interest rates will
remain in restrictive territory, adding that he expected this to
continue for some time after the summer.
(Reporting by Sergio Goncalves, writing by Inti Landauro;
editing by Emma Pinedo, Aislinn Laing and Kevin Liffey)
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