Photo: CFP

The ECB on Thursday raised its inflation forecasts, with consumer price growth now seen reaching 8.4 percent for 2022 before easing slightly to 6.3 percent next year.

"Food price inflation and underlying price pressures across the economy have strengthened and will persist for some time" before easing over the course of 2023, it warned.

By 2024, inflation should average 3.4 percent before reaching 2.3 percent for 2025, it said.