Members of the Governing Council of the European Central Bank "broadly concurred" that more progress has been made on underlying inflation, ECB minutes from the June meeting showed on Wednesday.
"Most measures of underlying inflation had declined further in April, the last month for which data were available, confirming the picture of gradually diminishing price pressures," it was written in the notes. The majority expressed "continued or increased" confidence that inflation is moving sustainably to the 2% goal, which is expected to be reached by the end of 2025, "at the latest." However, some members said that the latest economic prints didn't increase their confidence that inflation would go back to 2%.
Members also "generally agreed" that transmissions of the monetary policy "remained strong," with real interest rates standing "close to their peak."
