Inflation
The December 2021 Eurosystem staff macroeconomic projections predict annual inflation of 2.6 percent in 2021, 3.2 percent in 2022, 1.8 percent in 2023, and 1.8 percent in 2024, all of which are significantly higher than the September projections. Inflation excluding food and energy is expected to average 1.4 percent in 2021, 1.9 percent in 2022, 1.7 percent in 2023, and 1.8 percent in 2024, all of which are higher than the September forecasts.
