The reason is that upward pressure from import prices – mainly from energy prices – will wane through around summer while trend inflationary pressure – due mainly to an improvement in the output gap – will increase, and these two factors will likely more or less offset each other.
Mario Draghi: Europe and the euro – a family affair Keynote speech by Mr Mario Draghi, President of the European Central Bank, at the conference “Europe and the euro – a family affair”, organised by the Bundesverband der Deutschen Industrie and Bundesvereinigung der Deutschen Arbeitgeberverbände, Berlin, 16 September 2013.