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"Gasoline consumption at the pump represents roughly 5% of our
total consumption, so it is a small part of total inflation,
even if it is what is most visible," he told France Inter radio.
Brent crude oil prices are trading near $100 a barrel, as
investors are focused on the prospect of a supply deficit in the
fourth quarter after major producers Saudi Arabia and Russia
extended supply cuts.
Villeroy noted that the current rise in energy prices was not as
widespread as in 2022 after start of the war in Ukraine, when it
included other types of energy and commodities such as grains
and metals, making the rising oil price less of a threat to
underlying disinflation.
"I will say it again this morning, our forecast and our
commitment is to bring inflation towards 2% by 2025," he added.
Villeroy also reiterated that ECB rates were at a good level and
called for patience.
"We have passed the peak of inflation, there even seem to be a
turnaround in underlying inflation (...) now we have to be
perseverant, keep rates at this level for as long as it takes,"
he said. "Patience is more important than raising rates
further."
(Reporting by Sybille de La Hamaide and Gilles Guillaume)
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