ECB officials say it is 'far too early' for interest rate cuts

Central Bank governor Gabriel Makhlouf told conference it was too early to say 'we've sort of reached the top of the ladder' when it comes to dealing with inflation

Central Bank of Ireland governor Gabriel Makhlouf speaking at the Financial System Conference. Picture: Leah Farrell /RollingNews.ie

Central Bank governor Gabriel Makhlouf has said it is “far far too early” to start talking about reducing interest rates as inflation is still high and needs to be returned to the medium-term target of 2%.

The latest flash estimate from the EU shows annual inflation in October across the eurozone dropped to 2.9% from the 4.3% recorded in September, driven by a fall in energy prices.