Why are central banks still worried about inflation?

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  Central banks agree on one thing, it's not over yet.

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  When you have your inflation outlook up, your core inflation up.

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  We've all looked around and we've seen that prices are too high.

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  It's World Business Report from the BBC World Service.

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  I'm Sam Fenwick coming up today while Europe

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  and America's top bankers are still worried about inflation and what's actually driving it.

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  Why the Gulf oil industry will have to build back better to secure supply chains.

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  And as one of California's own becomes a trillionaire, the state votes on taxing exactly that kind of wealth.

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  2.8%.

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  That's where euro area inflation landed on Wednesday, down from 3.2% in May,

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  below what economists expected the first monthly fall in prices all year.

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  Now, three weeks ago, the European Central Bank raised interest rates for the first time since 2023. Its president,

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  Christine Lagarde, told the ECB's annual gathering of central bankers in Central Portugal why.

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  When you have your inflation outlook up, your core inflation up,

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  when you have the underlying inflation indicating that it's also trending up as well,

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  and that you're only going back to your 2% target at the end of 28,

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  with a number of things happening in our inflation outlook,

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  which includes the market expectations in particular, you have...

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  The obvious decision, and it was so obvious that we had a unanimity decision

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  within the board of government, the board of the governing council.

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