The European Central Bank’s inflation target of 2% is within sight, according to President Christine Lagarde.

“We have made significant progress in 2024 in terms of reducing inflation and we hope that 2025 is the year in which we reach the target as expected and as planned in our strategy,” she said in a video posted on X. “Of course, we will continue our efforts to ensure that inflation stabilises sustainably at that medium-term target of 2 percent.”

Consumer price growth in the eurozone slowed over the past year and fell below the ECB’s target in September. But it has accelerated again in recent months and Lagarde warned it would hover around the current level in the near future.