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FRANKFURT: The European Central Bank may be underestimating inflation risks, a diverse group of policymakers said on Friday, just hours after the bank extended stimulus measures to keep boosting price pressures.

Inflation has exceeded even the most pessimistic forecasts in recent months and the ECB nearly doubled its 2022 projection on Thursday, but continued to argue that longer-term price pressures are insufficient and price growth could dip back below its 2% target further out.

Expressing concerns about this outlook, the central bank governors of Germany, Portugal and Lithuania all said that inflation was at risk of exceeding the ECB’s projections as wage growth could become more persistent and fuel a rise in prices.

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