Bank of Portugal Governor Mario Centeno (pictured) said on Friday that the European Central Bank is not likely to go back to implementing 0.75 percentage point interest rate hikes.

While presenting the Portuguese central bank's December Economic Bulletin, Centeno noted the inflation rate is expected to reach its peak in the coming months and that price growth will ultimately slow down to levels ​​compatible with the 2% medium-term target of the ECB.

As for Portugal, the ECB Governing Council member saw inflation at 5.8% in 2023, at 3.3% in 2024, and the eventual decline to 2.1% in 2025.