Although we also assume that the wave of inflation has peaked, we are expecting the inflation rate to fall only gradually. The ECB staff will publish its updated projections in two weeks' time.
Without wishing to pre-empt them, please allow me to make the following point: although the recent decline in energy prices will affect the short-term outlook, it will initially have no essential bearing on the medium-term projections. For Germany, our experts are now assuming that we will end up with an average HICP inflation rate of between 6% and 7% in 2023.