The European Central Bank's president still thinks longer-term price pressures in the 17-country eurozone remain contained despite «short-term upward pressures» on inflation, AP reported. Though Jean-Claude Trichet didn't toughen his message on inflation from last month, he reiterated that «very close monitoring» of inflation is «warranted» _ a formulation of words that in January raised questions as to when the cost of borrowing might rise. He said Thursday that inflation is likely to stay slightly above 2 percent over the coming months before receding. The ECB's target is to keep inflation «close to, but below» 2 percent. Trichet's comments came after the ECB left its benchmark refinancing rate unchanged at 1 percent for the 21st consecutive month. -- SPA
