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ECB's Vujcic says we have started a tightening cycle.

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ECB's Vujcic stated a tightening cycle has started, warning that persistent diesel and refined product prices will continue to feed into inflation despite falling crude oil prices.

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Seems price of crude will come down, but not that of refined products. Diesel prices will stay for long and feed into inflation. Thinks less about core inflation as his preferred measure than was the case before the shocks.

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