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Italian admission

The late ticker

Saturday 31 May 1997 23:02 BST
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Bank of Italy Governor Antonio Fazio admitted yesterday that Italy's inflation rate is not entirely under control, hinting

that a rate cut is not imminent. He said the central bank wants to see an annual inflation rate of 2 per cent or below this year.

The governor's forecasts for inflation and for growth of 1 percent this year are less optimistic than the government's.

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