Moreover, domestic producer price inflation for non-food consumer goods increased further in June, with the year-on-year growth rate at its highest level since late 2012. Services producer price inflation has been on an upward trajectory since the second quarter of 2016.
Against this backdrop, the ECB’s Governing Council carried out a thorough assessment of price and wage pressures and the inflation outlook at its meeting in June of this year. Monetary policy stance The Governing Council carefully reviewed the progress achieved towards a sustained adjustment in the path of inflation, guided by three criteria: convergence, confidence and resilience.