(Bloomberg) -- Euro-area inflation could quicken again and the European Central Bank has yet to reach its 2% goal, according to Governing Council member Madis Muller.

“As we saw in the initial euro area inflation estimate in May, the pace of inflation may temporarily accelerate again,” he told Estonian lawmakers in Tallinn on Thursday. “We aren’t at the target yet.”

The ECB lower borrowing costs last week, though it’s unclear when policymakers will cut further. 

“In order to achieve our goal, interest rates presumably still need to stay above average for some time,” he said.

 

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